Maruti Suzuki shares jumped 3 per cent during the later end of trading session on Tuesday after country's largest car maker reported stellar performance in the quarter ended on December 31, 2022. The company's net profit more than doubled from the year ago period.
Maruti Suzuki reported a 130 per cent rise in the consolidated net profit at 2,391.5 crore for the December 2022 quarter, compared a net profit at Rs 1,041.8 crore in the year ago period. The company reported a 25 per cent gains in revenue from operations at Rs 29,057.5 crore in Q3FY23, which was 23,253.3 crore in the same period previous fiscal.
On a sequential comparison, Maruti Suzuki had reported a net profit at Rs 2,112.5 crore with a revenue at Rs 29,942.5 crore in the September 2022 quarter.
Profit growth was driven by higher sales, softened commodity prices and fall in raw material cost. EBIT margin of the company also improved 350 basis points year-on-year (YoY) to 7.6 per cent. Profit margin improved 380 basis points YoY to 8.4 per cent.
Maruti Suzuki shares rose more than 3 per cent to Rs 8,691 on Tuesday, before giving up gains marginally. The scrip had settled at Rs 8,423.15 on Monday.
Maruti Suzuki reported a 176 per cent rise in the net profit at Rs 5,540. crore for the nine months ended on December 31, 2022, compared to a bottom-line at Rs 2,003.7 crore in the same period previous year. Revenue from operations jumped 39 per cent to Rs 85,511 crore.
The company sold a total of 4,65,911 vehicles during the quarter, which was 8.2 per cent higher YoY. Sales in the domestic market stood at 4,03,929 units and exports were 61,982 units.
"Shortage of electronic components impacted production by about 46,000 vehicles in this quarter," the carmaker said in a statement.
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