Maruti Suzuki Q3 Results: Net profit falls 48% to Rs 1,042 crore

Maruti Suzuki India on Tuesday reported a 47.82 per cent decline in consolidated net profit to Rs 1,041.8 crore for the December 2021 quarter, mainly due to the ongoing semiconductor shortage and increase in commodity prices.

The auto major had posted a consolidated net profit of Rs 1,996.7 crore in the October-December period of the last fiscal, Maruti Suzuki India said in a regulatory filing.

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The consolidated revenue from operations declined marginally to Rs 23,253.3 crore in the third quarter, compared to Rs 23,471.3 crore a year ago, it added.

Total vehicle sales were down 13.1 per cent at 4,30,668 units in the third quarter against 4,95,897 units in the corresponding period last fiscal, it said.

During the Q3 FY 2021-22, the company registered net sales of Rs 221,876 million compared to that of Rs 222,367 million in the same period previous year.

Despite cost reduction efforts, due to lower sales volume, high commodity prices and lower non-operating income on account of mark-to-market impact, the Net Profit in this Quarter was Rs 10,113 million compared to Rs 19,414 million in the same period previous year.

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 auto major said, adding further, “There was no lack of demand as the company had over 240,000 pending customer orders in Q3FY22.”

Though still unpredictable, the electronics supply situation is improving gradually and hopes to raise production in Q4, though it would not reach full capacity, Maruti Suzuki said in its results filing.