Lower sales volume impacts carmaker
India’s largest carmaker Maruti Suzuki on Wednesday said it registered a net profit of ₹440.8 crore for the first quarter ended June, impacted by lower sales volumes.
The company, which had posted its first quarterly loss of ₹249.4 crore since its listing in July 2003 in Q1 FY21, said while all parameters during the quarter under review were substantially better than April-June FY21, a comparison was not meaningful because during the first quarter last year, there was a much higher degree of disruption on account of the pandemic.
Net sales during Q1 FY22 stood at ₹16,798.7 crore (₹3,677.5 crore).
“The second wave of the pandemic adversely impacted Q1 production and sales,” the company said.
“The profit for Q1 FY2021-22 was primarily impacted due to lower sale vb=olumes. Commodity prices increased steeply but the company continued to make efforts to reduce costs.”
The carmaker noted that sales in the first quarter remained “far below” the previous high in April-June 2019.
The company sold 3,53,614 units during the quarter of which 3,08,095 units were sold in the domestic market and 45,519 vehicles exported.
In Q1FY21, the company had 76,599 units, including 67,027 units in the domestic market and expors of 9,572 units.
“For reference, the total sales in Q1 FY2018-19 stood at 4,90,479 units,” the company pointed out.
The company further added that Osamu Suzuki has been conferred with the title of ‘Honorary Chairman.’
“The board, in the meeting today, noted that Mr. Osamu Suzuki had retired from the board of Suzuki Motor Corporation in June. However, he continues to remain on the board of Maruti Suzuki India Ltd. and give the company the benefit of his immense experience and knowledge.”
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