Maruti Q4: Net profit jumps 42.7% to Rs 2,623.6 crore, firm declares dividend of Rs 90/share

Maruti Suzuki India on April 26 released its March quarter numbers for fiscal 2022-23 (Q4FY23). The company's net profit for the quarter came in at Rs 2,623.6 crore, up 42.7 per cent compared to the same period last year. However, it was below Zee Business analysts' estimates, which had pegged a 52.3 per cent jump in profit at Rs 2,800 crore.

The operating profit stood at Rs 2,611.1 crore, a growth of 46.7 per cent over that of Q4FY22 on account of higher sales volume, improved realisation from the market, and favourable forex movement.

The Board of Directors recommended the highest-ever dividend of Rs 90 per share compared to Rs 60 per share in FY 2021-22. "The date of payment of the dividend is September 6, 2023 subject to the approval of the shareholders in the ensuing annual general meeting," the press release added.

The company further informed that it sold a total of 514,927 vehicles during the quarter, up by 5.3 per cent compared to the same period the previous year.

During the quarter, the sales in the domestic market stood at 450,208 units, up by 7.1 per cent over that in Q4FY22. The sales in the export market were at 64,719 units as compared to 68,454 units in Q4FY22. Further, the company registered net sales of Rs Rs 30,821.8 million, an increase of 20.8 per cent compared to the same period, the previous year.

In a separate filing, The car maker informed that the Board, in principle, approved the creation of an additional capacity of up to one million vehicles per year.

Highlights: Full Year (April-March), FY2022-23

The company sold a total of 1,966,164 vehicles during the year despite missing production of about 170,000 units due to a shortage of electronic components. This translated to a growth of 19 per cent over FY2021-22 sales volume of 1,652,653 vehicles. 

Sales volume in the year comprised 1,706,831 units in the domestic market and the highest-ever exports of 259,333 units. During the period, Maruti Suzuki India registered net sales of Rs 1,125,00.8 crore compared with Rs 83,798.1 crore in FY2021-22.

The carmaker recorded an operating profit of Rs 8,184.4 crore in FY2022-23 as against Rs 2,914.7 crore in FY2021-22.

With this, the net profit for the year rose to Rs 8,049.2 crore from Rs 3766.3 crore in FY2021-22.