India's largest carmaker Maruti Suzuki on Friday reported Rs 1,838.9 crore net profit for the quarter ended March 2022 as compared to Rs 1,166 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 57.7 per cent.
The company's revenue grew by 11.3 per cent to Rs 26,270 crore for the January-March quarter of 2021-22 as against Rs 24,024 crore reported in the corresponding period of the previous year.
The company sold 488,830 vehicles during the fourth quarter of 2021-22, lower by 0.7 per cent compared to the same period the previous year.
In the quarter under review, the sales in the domestic market stood at 420,376 units, a decline of 8 per cent over that in Q4 FY21. The sales in the export market were at 68,454 units which is the highest ever in any quarter.
Production during the year was impacted by the shortage of electronic components by an estimated 270,000 vehicles, mostly domestic models, because of which there were pending customer bookings of about 268,000 vehicles at the end of the year. In addition, the first quarter witnessed a disruption owing to the second COVID wave, Maruti Suzuki said in a statement.
During the quarter, the Company registered net sales of Rs 25,514 crore, an increase of 11.1 per cent year-on-year.
The prices of commodities such as steel, aluminium and precious metals witnessed an unprecedented increase during this year. The Company was forced to increase prices of vehicles to partially offset this impact. The Company continued to work on cost reduction efforts to minimize the impact on customers, Maruti Suzuki said.
For the full year 2021-22, Maruti Suzuki registered net sales of Rs 83,798.1 crore compared to Rs 66,562.1 crore in the previous year.
Despite a 26 per cent increase in net sales, the net profit declined by 11 per cent during the year ended March 2022 to Rs 3,766.3 crore.
( With inputs from ANI )
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