Maruti Suzuki India (MSI) on Wednesday reported a more than two-fold jump in consolidated net profit to ₹1,036 crore for the first quarter ended June 30, mainly due to a low base in the year-earlier period.
The auto major had posted a net profit of ₹475 crore in the COVID-hit April-June quarter of the last fiscal.
Net sales rose to ₹26,512 crore in the June quarter compared with ₹17,776 crore in the same period of 2021-22.
Performance in the first quarter of the last year was affected by COVID-related shutdowns and disruptions, and hence comparison with the first quarter this year is not on a like-to-like basis, MSI said in a statement.
The company sold 4,67,931 vehicles during the June quarter against 3,53,614 units in the year-earlier period.
Sales in the domestic market stood at 3,98,494 units, while exports were 69,437 units, the highest ever in any quarter, MSI said.
In Q1 of the last fiscal, the company had sold 3,08,095 units in the domestic market and 45,519 units in the export markets.
On a standalone basis, the company reported a net profit of ₹1,013 crore as against ₹440 crore in the first quarter of 2021-22.
Net sales stood at ₹25,286 crore compared with ₹16,799 crore a year ago.
MSI stated that the shortage of electronic components in the first quarter resulted in the non-production of about 51,000 vehicles.
Pending customer orders stood at about 2,80,000 units at the end of the quarter, and the company said it was making efforts to serve these orders fast.
The auto major noted that the increase in prices of commodities adversely impacted its operating profit in the April-June quarter.
The company said it was forced to increase the prices of vehicles to partially offset this impact.
Shares of the company were trading 1.66% up at ₹8,663.4 apiece on the BSE.
