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Maruti Suzuki India (MSIL), on Wednesday reported a consolidated net profit of ₹2,671 crore for the fourth quarter ended March 31, up 42 per cent year-on-year (y-o-y) compared with ₹1,876 crore in the corresponding period previous year.
Revenue from operations also grew 20 per cent y-o-y to ₹32,059 crore in Q4 FY23 (₹26,749 crore). The company sold a total of 5,14,927 vehicles during the quarter, higher by 5.3 per cent compared to the year-ago period.
Despite the shortage of electronic components, the company recorded its highest-ever annual sales volume. The annual turnover of the company surpassed the ₹1-lakh-crore mark, MSIL said in stock filings.
FY23 performance
For the full financial year, the net profit grew 111 per cent to ₹8,211 crore ( ₹3,879 crore). Revenue from operations also grew 33 per cent to ₹1,17,571 crore (₹88,329 crore).
The board recommended a final dividend of around ₹2,719 crore which is ₹19 per share and is subject to approval of shareholders, it said.
Meanwhile, the company also said that the Board, in principle approved the creation of additional capacity of up to 10-lakh vehicles per year. The company will invest from its internal accruals for this new project.
As of March 31, MSIL has a cash reserve of around ₹45,000 crore. It had earmarked a capex of ₹6,300 crore in FY23. It is investing ₹11,000 crore in the first phase of the Sonipat plant with an initial manufacturing capacity of 2.5 lakh units per annum, expected to be commissioned by 2025.
MSIL has a total existing capacity of around 13 lakh units in Manesar and Gurugram. In addition, it is supplied vehicles by Suzuki Motor Gujarat Private Limited (SMG) under the contract manufacturing agreement.
“Capacity will be created and raising of that capacity will depend actually on how the market demand comes and what they perceive for both domestic and exports. Obviously, we will try and expedite the Kharkhoda (in Sonipat) to maximum extent possible because that is already work in progress and on fast track,” RC Bhargava, Chairman, MSIL, told reporters.
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