Maruti Suzuki India’s net profit for the October to November 2021 period stood at Rs. 1,011 crore, compared to the Rs. 1,941 crore profit achieved during the same months in 2020, the company saw a 48 per cent decline in Q3 FY2022 profits.
Maruti Suzuki India has released the financial results for the third quarter of Financial Year 2022, and the company’s net profit for the October to November 2021 period stood at ₹ 1,011 crore. Compared to the ₹ 1,941 crore profit achieved during the same months in 2020, the company saw a 48 per cent decline in Q3 FY2022 profits. Maruti Suzuki India’s net sales for the quarter, which ended on December 31, 2021, remained flat at ₹ 22,187 crore, compared to ₹ 22,236 net sales attained in Q3 FY2021.
Maruti Suzuki India says that Q3 profits fell mainly due to lower sales volume, high commodity prices and lower non-operating income on account of mark-to-market impact. The company’s cost reduction efforts also did not help.
Maruti Suzuki India’s total sales for Q3 FY22 stood at 430,668 units, a drop of 13 per cent compared to 495,897 units sold between October and December 2020. 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 had 240,000 pending customer orders at the end of the quarter. Having said that, Maruti Suzuki clocked its highest ever exports in Q3 FY22, at 64,995 units, 128 per cent more compared to 28,528 units exported in Q3 FY21.
As for the company’s year to date (YTD) performance, in the first nine months of FY2022, the company made a net profit of ₹ 1,927 crore, a decline of 37 per cent compared to ₹ 3,063 crore profit the company made between April and December 2020. During the same months in 2021, the company logged net sales of ₹ 58,284 crore, a growth of 33 per cent compared to ₹ 43,603 crore net sales achieved during the same period in 2020. The total vehicle sales during the nine-month period (April-December 2021) were at 1,163,823 units, 20 per cent higher compared to 965,626 vehicles sold during the same months in 2020.