Maruti Suzuki reports over two-fold jump in Q1 net profit

Updated on Jul 27, 2022 03:37 PM IST

Net sales surged to ₹26,512 crore this quarter against ₹17,776 crore in April-June last year.

Every second car sold in India is a Maruti and the company hiked prices six times from January last year and June this year.(File Photo)
Every second car sold in India is a Maruti and the company hiked prices six times from January last year and June this year.(File Photo)
Written by Harshit Sabarwal | Edited by Chandrashekar Srinivasan, New Delhi

Maruti Suzuki Ltd on Wednesday reported a two-fold jump in consolidated net profit for the quarter ending June 30. The company - India's largest automobile manufacturer - posted a a figure of 1,036 crore against 475 crore this time last fiscal, when sales were struck low by Covid.

Net sales surged to 26,512 crore this quarter against 17,776 crore in April-June last year.

Quarter 2022 figures, however, were below estimates as rising raw material costs eat into margins despite more sales at higher prices.

Every second car sold in India is a Maruti and the company hiked prices six times from January last year and June this year while cutting back on discounts, as demand rebounded from Covid lows.

At 3.26 pm Wednesday, shares were trading at 8,634 on the NSE, up 1.27 per cent over the course of the day.

Maruti's WagonR tops the list of the 10 most sold cars so far this this year. Over 1.13 lakh units were sold, with the six-month sale figure 19.58 per cent higher than in this period in 2021.

Swift and Dzire were second and third, with 91,177 and 85,929 units sold. Four more cars from the company's stables, including Baleno and Ertiga, were also on the list.

The company's average selling price per car during the quarter was 540,385 versus 475,057 a year ago, helped by higher sales of compact cars and sport utility vehicles (SUVs).

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