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Auto major Maruti Suzuki India Ltd on Tuesday reported a significant rise in its net profit at 2,351 crore for the third quarter ended December 2022 (Q3 FY23), which more than doubled as compared to 1,011 crore in the year ago quarter. The profit was better-than-expected on the back of healthy demand, as analysts on average had expected the company to report a profit of   1,881 crore, according to Refinitiv IBES data.

Meanwhile, the automaker's revenue from operations witnessed a growth of about 25% to 29,044 crore as compared to 23,246 crore year-on-year (YoY). 

The company sold a total of 465,911 vehicles during the quarter. Sales in the domestic market were 403,929 units and exports were 61,982 units. Shortage of electronic components impacted production by about 46,000 vehicles in this quarter. This was against total sales of 430,668 units comprising 365,673 units in domestic and 64,995 units in export markets in the same period, previous year.

During the quarter, the company registered net sales of 27,849 crore. During the same period previous year, the net sales were at 22,187 crore. It added that its operating profit in Q3 FY2022-23 rose to 2,123 crore as against 919 crore in Q3 of FY2021-22.

The automaker further highlighted that it witnessed highest ever total sales and exports in CY2022 with total sales of 1,940,067 units and exports of 263,068 units.

Shares of Maruti Suzuki were trading more than 2% higher at 8,595 apiece on the BSE in Tuesday's afternoon deals. The auto stock has surged over 7% in a year's period.

 

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