Last Update: January 24, 2023, 2:58 pm IST
Maruti Suzuki Fronx (Photo: Paras Yadav/News18.com)
Maruti Suzuki Q3 results beat estimates: Net profit for the quarter ended December recorded at Rs 2,351 crore
Maruti Suzuki Q3 Results: Maruti Suzuki India Ltd’s net profit more than doubled on YoY basis to Rs 2,351 crore for the quarter ended December. Meanwhile, revenue from operations grew nearly 25 per cent year-on-year to Rs 29,044 crore and was more than the estimated Rs 27,162 crore.
The company’s EBITDA margin also remained above 9 per cent for the second consecutive quarter.
For the December quarter, Maruti reported a 24.9 per cent increase in revenue as compared to the year-ago period.
Sequentially, the bottomline grew 14 percent, but the topline declined nearly 3 percent.
After several quarters, the automaker got relief on the raw material cost front. Input cost grew just 2 per cent year-on-year but fell over 92 per cent to Rs 10,213 crore. Raw material cost as a percentage of net sales declined 310 bps year-on-year.
Better realizations, favorable foreign exchange differentials, softening commodity prices and cost efficiencies led to a sharp improvement in margins and offset higher sales promotion expenses incurred in the quarter.
Total sales volume in the reported quarter rose 8 percent year-on-year to 465,911 units, but declined nearly 10 percent sequentially, while domestic sales grew 10.5 percent year-on-year in the quarter, with exports down nearly 5 percent.
The country’s largest automaker eyes highest ever sales of 19,40,067 units in 2022 and record exports of 2,63,068 units. Its cumulative production crossed 25 million units.
The sales network had grown to over 3,500 outlets. The company dispatched a record 3.2 lakh vehicles in 2022 using the railways.
Buoyed by strong earnings, Maruti Suzuki India shares extended the day’s gains and touched a 1-month high of Rs 8,685. The stock was the fastest growing at number two smelly 50, up nearly 3 percent to Rs 8,658.20.
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