Maruti Suzuki Q1 Results FY2023, PAT at Rs. 1012.8 crores

On 27th July 2022, Maruti Suzuki announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- The company’s net sales stood at Rs. 46793.1 crores with a growth of 32.32% YoY 

- Operating EBIT was reported at Rs. 1260.7 crores with a growth of 1518.35% YoY.

- Profit before tax stood at Rs. 1321.8 crores with a yearly growth of 134.57%

- The company reported its PAT at Rs. 1012.8 crores with a yearly growth of 129.7%

Business Highlights:

- In the domestic market the minis posted a volume of 48,987 units seeing a growth of 3.7% YoY, and 204,877 units were sold in Compact segment seeing a growth of 26.9% YoY.

- In the domestic market the mid-size segment posted a volume of 2672 units seeing a growth of 6.1% YoY, and 80,852 units were sold in the UVs segment seeing a growth of 34.7% YoY.

- In the domestic market Vans posted a volume of 31,766 units seeing a growth of 45.8% YoY, and 10,817 units were sold in the LCV segment seeing growth of 166.7% YoY.

- The sales to other OEMs in the domestic market reported a sales volume of 18,523 units seeing a growth of 68.7% YoY.

- In total 3,98,494 units were sold in the domestic market with a growth of 29.3% YoY and 69,437 units were exported, 32.3% YoY growth 52.5% YoY.

- Shortage of electronic components in this quarter resulted in about 51,000 vehicles not being produced. Pending customer orders stood at about 280,000 vehicles at the end of the quarter and the Company is trying to serve these orders fast. 

- The increase in prices of commodities adversely impacted the Operating Profit in Q1 FY2022-23. The Company was forced to increase the prices of vehicles to offset this impact partially. The Profit Before Tax was also impacted by the non-operating income being lower in this quarter due to mark-to-market loss. The Company continued to work on cost reduction efforts to minimize the impact on customers.