Price hikes, top-end car sales drive Maruti Q3 net up 130% to Rs 2,391 cr

Declining commodity prices also boost earnings

Deepak Patel New Delhi
maruti suzuki, cars, automobile

MSIL’s domestic PV (passenger vehicle) share currently stands at 41 per cent versus 43.4 per cent in FY22 and a peak share of 52 per cent in April 2021.

Maruti Suzuki India (MSIL) on Tuesday reported a 129.7 per cent year-on-year (YoY) jump in its consolidated net profit for the October-December quarter (Q3) of 2022-23 (FY23) to Rs 2,391 crore, primarily due to price hikes, better demand for its top-end models, and declining raw material costs.
Revenue for MSIL, India’s largest carmaker with over 40 per cent market share in the passenger vehicle segment, surged 26.9 per cent YoY to Rs 29,918 crore in Q3, while its expenses were up 20.6 per cent at Rs 26,960 crore in the same period.
According to the company’s filing with the BSE, cost reduction efforts, improved realisation, favourable foreign exchange variation, softening commodity prices, and higher non-operating income were the reasons behind the rise in its net profit in the third quarter.

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First Published: Jan 24 2023 | 4:13 PM IST

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