Maruti Suzuki India on Tuesday reported over two-fold jump in its net profit to Rs 2,351.3 crore for the third quarter ended December 31, 2022, on account of robust sales aided by enhanced product portfolio.

The auto major had reported a net profit of Rs 1,011.3 crore in the October-December quarter of the previous fiscal, Maruti Suzuki India (MSI) said in a regulatory filing.

During the third quarter of 2022-23, the company said its net sales rose to Rs 27,849.2 crore while the same stood at Rs 22,187.6 crore in the same period of 2021-22.

The country's largest carmaker said it sold a total of 4,65,911 vehicles during the third quarter of FY23.

Sales in the domestic market stood at 4,03,929 units while exports were at 61,982 units in the October-December quarter, it added.

In the same period of last fiscal, MSI had sold 4,30,668 units comprising 3,65,673 units in the domestic market and 64,995 units in export markets.

MSI said the launch of models like Grand Vitara and a new version of Brezza helped it bolster market share in the high selling SUV segment and bring additional volumes.

Besides, factors like cost reduction efforts, improved realisation, favourable foreign exchange variation, softening of commodity prices and higher non-operating income also helped in the margin improvement during the third quarter as compared to the same period of last fiscal.

MSI said shortage of electronic components impacted production by about 46,000 vehicles in the third quarter.

Besides, the pending customer orders stood at about 3,63,000 units at the end of the third quarter out of which about 1,19,000 orders were for newly launched models, it added.

For the nine months ended December 31, 2022, the auto major reported a net profit of Rs 5,425.6 crore, over two-fold increase, from Rs 1,927.4 crore in the April-December period of last fiscal.

The company said it registered its highest ever net sales of Rs 81,679 crore in the April to December period, as against Rs 58,284.1 crore in the same period of 2021-22.

MSI said its sales during the period stood at 14,51,237 units. Sales in the domestic market stood at 12,56,623 units while exports were at 1,94,614 units, it added.

During the April-December period of last fiscal, the company had registered total sales of 11,63,823 units including 9,93,901 units in the domestic market and 169,922 units in the export market.

Shares of the company were trading 2.57 per cent up at Rs 8,639.7 apiece on the BSE.

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