Maruti Suzuki Q2 profit jumps over 80% on highest-ever sales

Maruti Suzuki India on Friday reported a whopping 80.3% increase in net profit at Rs 3,716.5 crore in July-September quarter driven by its highest ever sales, softening commodity prices, cost reduction efforts and higher non-operating income. The company had posted a net profit of Rs 2,061.5 crore in the second quarter of FY23, Maruti Suzuki India said in a statement.

The car maker also said that it recorded its highest-ever quarterly sale volume, net sales and net profit in this quarter.

During the quarter under review, the company registered net sales of Rs 35,535.1 crore, against Rs 28,543.50 crore recorded in the same quarter of the previous fiscal, owing to higher sales volume and product mix, it said.

The company sold 5,52,055 vehicles during the quarter as compared to 5,17,395 units in the second quarter of last year.

Of the 5,52,055 vehicles sold in the July-September period this year, 4,82,731 units were sold in the domestic market while the remaining 69,324 cars were exported, the company said

The EBITDA (earnings before interest, taxes, depreciation) margin for the quarter stood at 12.9%. On a year-on-year basis, EBITDA rose nearly 73%, margin expanding by 360 basis points.

Raw material costs as a percentage of sales fell 300 basis points from last year to 73.5% from 76.5%.