Profit Jumps to Rs 2,351 Cr; Revenue Zooms 25% YoY

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Last Updated: January 24, 2023, 14:58 IST

Maruti Suzuki Fronx (Photo: Paras Yadav/News18.com)

Maruti Suzuki Fronx (Photo: Paras Yadav/News18.com)

Maruti Suzuki Q3 Results Beats Estimates: Reports net profit for the quarter ending December at Rs 2,351 crore

Maruti Suzuki Q3 Results: Maruti Suzuki India Ltd’s net profit for the quarter ending December more than doubled on YoY basis to Rs 2,351 crore. Meanwhile, revenue from operations rose nearly 25 per cent on year to Rs 29,044 crore and was also higher than the estimated Rs 27,162 crore.

The company’s EBITDA margin also stood in excess of 9 per cent for the second quarter in a row.

For the December quarter, Maruti reported a 24.9 per cent growth in revenue compared to the year-ago period.

Sequentially, the bottomline increased by 14 per cent, but the topline fell by nearly 3 per cent.

After several quarters, the automaker got relief on the raw material cost front. Input costs rose just about 2 per cent on year, but slumped over 92 per cent to Rs 10,213 crore. Raw material cost as a percentage of the net sales dropped by 310 bps on year.

Improved realisation, favourable foreign exchange variation, softening commodity prices, and cost efficiencies led to the sharp improvement in margins, and offset the higher sales promotion expenses incurred in the quarter.

Total sales volume in the reported quarter increased 8 per cent on year to 465,911 units but declined nearly 10 per cent sequentially, while domestic sales increased 10.5 per cent on year in the quarter, exports fell nearly 5 per cent.

The country’s largest automaker saw the highest-ever sales of 19,40,067 units in 2022, and record exports of 2,63,068 units. Its cumulative production crossed 25 million units.

The sales network had grown to over 3,500 outlets. The company did record dispatches of 3.2 lakh vehicles using railways in 2022.

Buoyed by the strong earnings, shares of Maruti Suzuki India extended the day’s gains and touched a 1-month high of Rs 8,685. The stock was the second biggest gainer on the Nifty 50, up nearly 3 per cent at Rs 8,658.20.

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