New Delhi: Country’s largest carmaker Maruti Suzuki India Limited on Monday reported a growth of 144% in its consolidated profit at INR 2,525 crore in the quarter ended June 2023. The company reported a profit of INR 1,036 crore in the corresponding quarter of the last fiscal.
The carmaker’s revenue from operations stood at INR 32,338 crore during Q1 FY24, as against INR 26,511 crore in Q1 FY23.
Maruti Suzuki sold a total of 498,030 vehicles during the quarter, an increase 6.4% compared to the same period previous year. In the Quarter, the sales in the domestic market stood at 434,812 units, up by 9.1% over that in Q1FY23. The export sales were at 63,218 units as compared to 69,437 units in Q1FY23.
“Shortage of electronic components in this Quarter resulted in over 28,000 vehicles not being produced. Pending customer orders stood at about 355,000 vehicles at the end of the Quarter and the Company is making efforts to serve these orders fast,” said the maker of Fronx and Jimny.
The company said that key factors for the improvement in its margins included improved realization, softening of Commodity prices, cost reduction efforts, and higher non-operating income .
On Monday, Maruti Suzuki’s board has also approved the termination of the contract manufacturing agreement with Suzuki Motor Gujarat (SMG) and exercising the option to acquire the shares of SMG from Suzuki Motor Corporation (SMC) subject to all legal and regulatory compliances including minority shareholder’s approval.
