Maruti Suzuki Q2 Results FY2023, Net Profit at Rs. 2061.5 crores

On 28th October 2022, Maruti Suzuki announced its second quarter results for the period ending 30th September 2022. 

Q2FY23 Performance updates:

- The revenue was up by 46% YoY to Rs 29,931 crore.
- Operating profit for Q2FY23 increased to Rs 2,046.3 crore. It is nearly 21-fold compared to Q2FY22, largely on a low base. The operating profit in the previous year dropped sharply owing to steep commodity price increases and electronic component supply constraints and hence YoY results are not strictly comparable.
- Maruti Suzuki has reported a net profit of Rs 2061.5 crore, up by 334% YoY.

Business Highlights:

- The company sold 36.3% more vehicles in Q2FY23 compared to the same period last year. 
- The total number of vehicles sold was 5.17 lakh units. Sequentially, the number of units sold increased from 4.67 lakh units. 
-  The company recorded the export numbers at 63,195 units in Q2FY23, up 6.4% YoY. It was 12% of the total sales.
-  Shortage of electronic components impacted production by about 35,000 vehicles in this quarter. The same period of the previous year was marked by an acute shortage of electronic components and consequently, the Company could sell a total of 379,541 units comprising 320,133 units in domestic and 59,408 units in export markets.
- Pending customer orders stood at about 412,000 vehicles at the end of this quarter out of which about 130,000 vehicle pre-bookings are for recently launched models.

Commenting on the results management of the automobile company said: "Relatively better sales volume leading to improved capacity utilization, favorable foreign exchange variation, cost reduction efforts, and improved realization boosted margin performance, though impacted by higher advertisement cost, and higher power & fuel expenses."

Maruti Suzuki share price went up by 0.41%.