Comments
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.
Related Stories
We plan to strengthen the portfolio of SUVs significantly: Maruti’s Srivastava
Grand Vitara in mid-SUV to help Maruti Suzuki gain volume in market share; two more SUVs to be brought inDuring 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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.