Maruti Suzuki India on Wednesday reported an over two-fold jump in its consolidated net profit at Rs 1,036 crore for the first quarter ended June 30, mainly because of a low base in the year-ago period.
The auto major had posted a net profit of Rs 475 crore in the Covid-hit April-June quarter of the last fiscal. Net sales rose to Rs 26,512 crore in the June quarter compared with Rs 17,776 crore in the same period of 2021-22. Performance in the first quarter of the last year was affected by Covid-related shutdowns and disruptions, and hence comparison with the first quarter this year is not on a like-to-like basis, MSI said in a statement.
It sold 4,67,931 vehicles during the June quarter against 3,53,614 units in the year-ago period. Sales in the domestic market stood at 3,98,494 units, while exports were at 69,437 units, the highest ever in any quarter, MSI said.
In Q1 of the last fiscal, the company had sold 3,08,095 units in the domestic market and 45,519 units in the export markets, it added. On a standalone basis, the company reported a net profit of Rs 1,013 crore against Rs 440 crore in the first quarter of 2021-22. The net sales stood at Rs 25,286 crore compared with Rs 16,799 crore a year ago.