Marred by the impact on sales and production due to the second wave of pandemic and rising commodity prices, Maruti Suzuki has reported a net profit of INR 440.8 crore in Q1 FY22 that ended on June 30, 2021. This is considerably higher than the INR 249.4 crore loss Maruti Suzuki incurred in the same quarter last year.
The Q1 results were approved by the Board of Directors of Maruti Suzuki earlier today. The company noted that all the parameters this quarter were substantially better than Q1 FY21. However, a comparison is not meaningful because Q1 last year had a much higher degree of disruption due to the pandemic. Sales in Q1 FY22 remain far below the previous high in Q1 FY19, the company stated.
India’s largest carmaker sold a total of 353,614 units in Q1 FY22 of which 308,095 units were sold in the domestic market, and 45,519 units were exported. In the corresponding period last year, Maruti had sold 76,599 units, including 67,027 units in the domestic market and 9,572 units in exports. For reference, the total sales in Q1 FY19 stood at 490,479 units.
The company’s net sales in Q1 stood at INR 16,798.7 crore compared to INR 3,677.5 crore in Q1 FY21. Meanwhile, the Board of Directors of the company unanimously decided to confer Osamu Suzuki with the title of “Honourary Chairman” in recognition of his efforts and deep commitment to Maruti Suzuki over the last 40 years, and the huge contribution he has made towards its success, said the company.
Suzuki retired from the Board of Suzuki Motor Corporation in June 2021, but continues to remain on the Board of Maruti Suzuki India.