Maruti Suzuki India, India's largest passenger vehicle maker, recorded strong Q3 earnings, with profitability more than doubling year-on-year on the back of a healthy sales performance. The carmaker garnered a robust growth of 130 percent in its consolidated net profit to Rs 2,391.5 crore in Q3FY23 as compared to Rs 1,041.8 crore in the same period a year ago.
Meanwhile, the consolidated revenue from operations rose nearly 27 percent to Rs 29,057.5 crore during the quarter ended December 31, 2022, as compared to Rs 23,253.3 crore in the corresponding quarter a year ago.
The company sold a total of 4,65,911 vehicles during the quarter under review. Sales in the domestic market were 4,03,929 units and exports were 61,982 units. “A shortage of electronic components impacted production by about 46,000 vehicles in this quarter,” Maruti Suzuki said in a release. This was against total sales of 4,30,668 units comprising 3,65,673 units in domestic markets and 64,995 units in export markets, in the same period, previous year.
“Pending customer orders stood at about 3,63,000 vehicles at the end of this quarter out of which about 1,19,000 orders were for newly launched models,” the company added.
In the calendar year 2022, the company attained its highest ever domestic sales as well as exports at 19,40,067 units and 2,63,068 units respectively.