NEW DELHI: The country’s largest carmaker Maruti Suzuki India Limited on Tuesday reported a net profit of Rs 1,011 crore for the third quarter ended December 31, 2021.
Even though the profit was 48% lower on a year-on-year basis, it was better than what analysts were expecting as the carmaker sold fewer cars this quarter due to the global shortage of semiconductors. Analysts, at large, were expecting MSIL to report a profit of around Rs 900 crore during the quarter.
The company had reported a profit of Rs 1,941 crore in the December quarter last financial year (Q3FY21). The company’s net profit stood at Rs 475 crore in September ended quarter this fiscal (Q2FY22).
Standalone revenues during Q3FY22 stood at Rs 23,246 crore, down 1%, compared to Rs 23,458 crore reported a year back. The September quarter saw the topline at Rs 20,538 crore. Maruti’s operating Ebit margin came in at 4.1% in Q3FY22 against 6.7% in Q3FY21.
Maruti management informed that there was no lack of demand as the company had more than 240,000 pending customer orders at the end of the quarter. It added that though still unpredictable, the electronics supply situation is improving gradually. The company hopes to increase production in the March quarter, though it would not reach full capacity.
MSIL sold a total of 430,668 units during the quarter, lower than 495,897 units in the same period of the previous year. Production was constrained by a global shortage in the supply of electronic components because of which an estimated 90,000 units could not be produced, the company said.
In the domestic market, the sales stood at 365,673 units in the quarter, against 467,369 units in Q3 FY21. In the quarter, the company clocked its highest ever exports at 64,995 units as compared to 28,528 units in Q3 FY21.
This was also 66% higher than the previous peak exports in any Q3. MSIL share prices jumped over 7% on Tuesday. The stock closed 6.88% higher to settle at Rs 8,600.60 on the BSE.
Share price jumps over 7%
MSIL share prices jumped over 7% on Tuesday. The stock closed 6.88% higher to settle at Rs 8,600.60 on the BSE. During the day, it jumped 7.63% to its 52-week high of Rs 8,661.60.