Maruti Suzuki Q4 profit rises 42 per cent to Rs 2,671 crore on higher sales; FY23 profit at Rs 8,211 crore

New Delhi, April 26

Maruti Suzuki India on Wednesday reported 42 per cent rise in consolidated net profit at Rs 2,671 crore for March quarter 2022-23, driven by higher sales, improved realisation and favourable forex movement.

The country’s largest carmaker logged a net profit of Rs 1,876 crore in January-March 2021-22. Net sales during the fourth quarter rose to Rs 32,060 crore from Rs 26,749 crore in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing.

For the entire 2022-23, MSI posted a consolidated net profit of Rs 8,211 crore against Rs 3,879 crore in 2021-22. Net sales last fiscal year stood at Rs 1,17,571 crore against Rs 88,330 crore in 2021-22.

In the fourth quarter, the company said it sold a total of 5,14,927 vehicles, higher by 5.3 per cent year-on-year. Sales in the domestic market stood at 4,50,208 units, up 7.1 per cent against Q4 FY22.

Sales in the export market stood at 64,719 units compared to 68,454 units in March quarter FY22, the auto major said.

In 2022-23, it sold a total of 19,66,164 vehicles, despite missing production of about 1,70,000 units due to a shortage of electronic components. This translated to a growth of 19 per cent over FY22 sales volume of 16,52,653 vehicles, it added.

The sales volume in the year comprised 17,06,831 units in the domestic market and the highest-ever exports of 2,59,333 units, MSI said.

The company’s board recommended the highest-ever dividend of Rs 90 per share compared to Rs 60 per share in FY22.

In a virtual press conference, MSI Chairman RC Bhargava said the company performed better than last year despite witnessing various challenges like chip shortage, high commodity prices and inflation.

“Despite so many challenges, we have crossed Rs 1 lakh crore turnover milestone last fiscal,” Bhargava said.

He noted that the industry is expected to grow 5-7 per cent in current fiscal year and the company was looking to grow faster than that.

He added that the company fell short of 34,000 units from the 20 lakh sales mark last fiscal but will try to go past the target this year.

On chip shortage, Bhargava said the situation is expected to be better in the next three quarters of the current fiscal with shortages persisting in the first month of the ongoing quarter.

MSI could not produce about 1.7 lakh units last fiscal due to chip shortage. It suffered a production loss of 38,000 units in the fourth quarter.

To a query regarding the small car sales, Bhargava said the segment is expected to witness a flat growth this year with the market continuing to shift towards the SUV vertical.

“In 2023-24, we don’t see any growth in the segment..it is going to be flat as the prices of such cars have gone up affecting the demand,” he noted.

As of Wednesday, the company has a backlog of 4.12 lakh units with maximum waiting for Ertiga, MSI said. Shares of the company closed 0.26 per cent up at Rs 8,503.15 apiece on the BSE.