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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