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One of India's most popular car makers Maruti Suzuki has reported a profit of Rs 1,013 crores for the quarter ended in June 2022, up 130% from Rs 440.80 crores reported last year.
Revenues for the quarter jumped 51% to Rs 25,286 crores as sales volume jumped 32%. The company sold 4,67,931 units during the quarter even though the company was faced with an input shortage which led to several orders remaining pending.
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The prices for the cars were increased during the quarter to offset the high input prices as the quarter witnessed better sales leading to greater capacity utilization. However, the previous quarter was affected by Covid-induced lockdowns and supply chain disruptions, owing to which year-on-year comparison is not relevant.
However, profits declined a sharp 45% sequentially as the company faced weaker operating margins, inflated input costs, and lower other income. Moreover, operating profits at Rs 1,260.7 crores were significantly higher YoY but declined 29.2% as the company was faced with higher sales expenses and the aforementioned reasons.
"The shortage of electronic components in this quarter resulted in about 51,000 vehicles not being produced. Pending customer orders stood at about 2.8 lakh vehicles at the end of the quarter and the company is making efforts to serve these orders fast," the company said.
The stock of Maruti Suzuki currently trades at around Rs 8,710 per share.
Article by Aman Agarwal.
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