New Delhi The country’s largest passenger vehicles (PVs) manufacturer, Maruti Suzuki India (MSIL) reported a consolidated net profit to ₹2,112.5 crore in the second quarter that ended on September 30, jumping four-fold as compared with ₹487 crore in the corresponding period last year.
Riding on record sales, the total revenue from operations jumped 46 per cent year-on-year (YoY) to ₹29,942.5 crore as against ₹20,551 crore in the year-ago period, the company said in a regulatory filing.
MSIL said, it sold 5,17,395 vehicles during the quarter, its highest ever in any quarter. “Sales in the domestic market stood at 4,54,200 units. Exports were at 63,195 units. Shortage of electronic components impacted production by about 35,000 vehicles in this quarter,” it added.
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During the same period last year, due to the acute shortage of electronic components, the company could sell 3,79,541 units, out of which 3,20,133 units were in the domestic market and 59,408 units were exported, it said.
The company has been making simultaneous efforts in securing electronic components availability, cost reduction and improving realisation from the market to better its margins, MSIL said.
The better sales volume has relatively led to improved capacity utilisation, the company added.
According to analysts tracking the sector, MSIL has reported decent performance in the second quarter this year.
“We expect the domestic PV industry to record double digit volume growth in fiscal year 2023 and 2024, which would support MSIL’s business. Moreover, sales of premium products would further increase. MSIL would enjoy the benefit of higher market shares in CNG variants, as preference for CNG vehicles has been rising,” Mitul Shah, Head of Research at Reliance Securities, said.