Maruti Suzuki India’s profit for the July-September quarter rose 334% to Rs 2,061.5 crore over the same period last year. Maruti Suzuki shares jumped over 5 percent after 2 pm after the official announcement, cheering investors.
The past year has been a tough one for the automobile industry. Rising raw material prices and chip shortages hurt production and slowed sales. Profits fell. Now those problems have reduced and Maruti Suzuki’s sales have increased and the company’s performance has improved. Profit rose to Rs 2,061 crore from Rs 475.3 crore due to increase in other types of income such as services. The company’s revenue increased by 46 percent to Rs 29,931 crore over the previous year.
Maruti Suzuki sold a total of 5.17 lakh vehicles in the quarter ended September. Of these, 4.54 lakh units were sold domestically and 63,195 units were sold overseas. This level of sales has never been recorded in any quarter. Sales volume is 36 percent higher than last year. Shortage of electronic components has affected the production of around 35,000 vehicles this quarter.
The number of pending orders for customers at the end of the September quarter stood at around 4.12 lakh vehicles. Of this, 1.3 lakh vehicle bookings are for recently launched models.
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Looking at the 6-month operations of the current financial year 2023, Maruti’s growth has grown by 236 percent over the last half-year of 2022. Total profit during this period was Rs.3,074.3 crore. Revenue grew 47% to Rs 56,430 crore. Maruti Suzuki’s shares, which had been sluggish till afternoon, started to heat up when the result was officially announced.
The share price rose by Rs 485 or 5.3% from Rs 9,062 to close at Rs 9,548. In the last one month alone, the prices of these stocks have risen by more than 10 percent. It is up 27% so far this year.
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