India's largest carmaker Maruti Suzuki on Tuesday reported a net profit of Rs 1,011.3 crore for the third quarter of the current financial year, which is 47.90 per cent lower when compared with Rs 1,941.4 crore recorded during the corresponding quarter of last fiscal.
However, the company's profit more than doubled quarter-on-quarter basis. Maruti Suzuki had posted Rs 487 crore profit in the second quarter of the current financial year.
"Despite cost reduction efforts, due to lower sales volume, high commodity prices and lower non-operating income on account of mark-to-market impact, the net profit in this quarter was Rs 10,113 million (Rs 1,011.3 crore) compared to Rs 19,414 million (Rs 1,941.4 crore) in the same period the previous year," Maruti Suzuki said in a statement after its Board of Directors approved the financial results for October-December 2021 period.
The company's net sales declined marginally to Rs 22,187.6 crore in the third quarter of the current financial year as compared to Rs 22,236.7 crore recorded during the same period the previous year.
The company sold a total of 430,668 units during the third quarter of 2021-22, lower than 495,897 units in the same period, the previous year.
Maruti Suzuki production during the quarter under review was constrained by a global shortage in the supply of electronic components because of which an estimated 90,000 units could not be produced.
In the domestic market, the sales stood at 365,673 units in the quarter under review, against 467,369 units in the corresponding quarter of the previous year.
"There was no lack of demand as the company had more than 240,000 pending customer orders at the end of the quarter. Though still unpredictable, the electronics supply situation is improving gradually. The Company hopes to increase production in Q4, though it would not reach full capacity," Maruti Suzuki said.
In the quarter, the company clocked its highest ever exports at 64,995 units as compared to 28,528 units in Q3 FY21. This was also 66 per cent higher than the previous peak exports in any Q3.
The total vehicle sales during the nine-month period (Apr-Dec 2021) were at 1,163,823 units. This includes domestic market sales of 993,901 units and exports of 169,922 units. In the corresponding period the previous year, the Company registered a sale of 965,626 units comprising 905,015 units in the domestic market and 60,611 units in the export market.
During the first nine months of the current financial year, the company logged net sales of Rs 58,284.1 crore compared to Rs 43,603.5 crore in the same period the previous year.
( With inputs from ANI )
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