Maruti Suzuki's net profit in Q3FY23 more than doubles, revenue up 25%

Maruti Suzuki Q3 results: The company sold 465,911 vehicles in the quarter, up from 430,668 units the same quarter last year

On the back of a strong demand for its passenger cars, Maruti Suzuki India reported a better-than-expected 129.55 per cent jump in the quarterly consolidated net profit in the third quarter (Q3FY23) on Tuesday.  

As compared to Rs 1,041.8 crore in Q3FY22, the automaker reported a profit of Rs 2,391.5 crore in Q3FY23. The total revenue from operations came in at Rs 29,057.5 crore, rising 24.96 per cent from Rs 23,253.3 crore year-on-year (YoY).

"The company sold a total of 465,911 vehicles during the quarter. Sales in the domestic market were 403,929 units and exports were 61,982 units. Shortage of electronic components impacted production by about 46,000 vehicles in this quarter. This was against total sales of 430,668 units comprising 365,673 units in domestic and 64,995 units in export markets in the same period, previous year," it said in a filing.

During the quarter, the company registered a net sales of Rs 27,849.2 crore. During the same period previous year, the net sales were at Rs 22,187.6 crore. 

According to the company, the growth in profit was driven by higher sales and fall in raw material cost. EBIT margin also improved 350 basis points YoY to 7.6 per cent. Profit margin improved 380 basis points YoY to 8.4 per cent. 

Moreover, Maruti Suzuki registered its highest ever net sales of Rs 81,679 crore in the period April to December 2022 as against Rs 58,284.1 crore in the same period last year. The net profit for the first nine months of the year rose to Rs 5,425.6 crore as against Rs 1,927.4 crore in first nine months of FY22. 

It also recorded its highest ever total sales and exports in CY2022.