India's largest passenger vehicle maker Maruti Suzuki sold 467,931 vehicles during Q1FY23. The company noted that its performance in the quarter was affected by COVID-related shutdowns and disruptions and hence a comparison of Q1FY22 with Q1FY23 is not on a like-to-like basis.
Its domestic market sales stood at 398,494 units, noted a statement released by the OEM. It read, 'Exports were at 69,437 units, the highest ever in any quarter. During the same period the previous year, the company sold a total of 353,614 units including sales of 308,095 units in the domestic market and 45,519 units in export markets.'
The OEM registered net sales of INR 25,286.3 crore against INR 16,798.7 crore in Q1FY22. Its operating profit in Q1FY23 stood at INR 1,260.7 crore. During the same period the previous year, the operating profit was at INR 77.9 crore.
A shortage of electronic components in this quarter prevented Maruti Suzuki from manufacturing about 51,000 vehicles. The OEM's order book includes 280,000 pending vehicles at the end of the quarter. The net profit for the quarter stood at INR 1,012.8 crore against INR 440.8 crore in Q1FY22.
The company has pointed towards the increase in prices of commodities as the reason it had to increase the prices of vehicles. The same, as per the OEM, was done to partially offset the impact of increasing commodity prices. Maruti Suzuki has recently unveiled the new Brezza and Grand-Vitara in the Indian market.