Leading auto manufacturing company Maruti Suzuki India Ltd on Tuesday posted a 48% year-on-year fall in standalone net profit for the quarter ending 31 December, 2021, as a global chip shortage slowed production and high material costs squeezed margins.
The company reported a profit of Rs 1,011 crore in the said quarter compared with Rs 1,941 crore a year earlier.
The top automaker's total revenue from operations stood at Rs 23,246 crore versus Rs 23,458 crore in the same quarter last fiscal.
Maruti sold a total of 430,668 units during the quarter in review, lower than 495,897 units in the same period, previous year.
The automaker said that the 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.
In the domestic market, the sales stood at 365,673 units in the Quarter, against 467,369 units in Q3 FY21.
"There was no lack of demand as the company had more than 240,000 pending customer orders at the end of the quarter. Though still unpredictable, the electronics supply situation is improving gradually," it said in the regulatory filing.
However, the automaker also said that it hopes to increase production in Q4FY22, though it would not reach full capacity.
Further, the company clocked its highest ever exports at 64,995 units as compared to 28,528 units in Q3FY21. This was also 66% higher than the previous peak exports in any Q3.
During the Q3 FY 2021-22, the Company registered net sales of Rs 221,87.6 crore million compared to that of Rs 22,236.7 crore in the same period previous year.
Post the quarterly results, shares of Maruti Suzuki on Tuesday traded at an all-time high at Rs 8,524.80 apiece during late trade on BSE.
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