Maruti Suzuki India announced on Wednesday that it sold 1.96 million vehicles in FY23 with domestic sales taking up 1.7 million units and exports recording an all-time high of 259,333 units. However, the supply chain crisis caused by the shortage of semiconductors hit volumes to the tune of 17,000 vehicles.
MSIL said new models and product refreshers during the year, especially in utility vehicles, contributed to the growth story.
According to a company press release, net revenue was INR 11,2500.80 crore compared with INR 83798.10 crorein FY22.
Operating profit was INR 8,184.40 crorein FY23 as against INR 2914.70 crorein FY22.
The company was able to better its operating profit on account of higher sales volume, improved realisation from the market, and favourable forex movement. With this, net profit rose to INR 8049.20 crorefrom INR 3766.30 crorein FY22.
Meanwhile in Q4FY23, Maruti sold 514,927 vehicles up by 5.3% compared to the same period previous year. Domestic market sales totalled 450,208 units, up 7.1% over Q4 FY22 while exports were 64,719 units compared to 68,454 units .
During the quarter, the company registered net revenue of INR 30,821.80 crore, an increase of 20.8% compared to the same period in the previous year. Operating profit was INR 2611.10 crore, a growth of 46.7% over Q4FY22 on account of higher sales volume, improved realisation from the market, and favourable forex movement. Net profit for the quarter stood at INR 2,623.60 crore, higher by 42.7% from the same period last year.
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