The country's largest car maker Maruti Suzuki India on October 28 reported a massive 334 percent year-on-year (YoY) growth in its standalone net profit for the quarter ended September FY23 (Q2FY23) on a low base.

Higher commodity prices and chip shortage concerns had impacted earnings in the year-ago period. With the easing of both concerns, healthy operating performance, sales volumes, and top-line along with higher other income supported the bottom line.
The standalone profit increased to Rs 2,061.5 crore for the quarter, up from Rs 475.3 crore logged in the same period last year.

Standalone revenue from operations surged 46 percent YoY to Rs 29,931 crore.
Reacting to the earnings, shares of the company rallied around 4 percent. At 2:48 pm, the stock was trading 3.64 percent higher at Rs 9,375 on the BSE.
Maruti Suzuki sold a total of 5.17 lakh vehicles during the quarter ended September FY23, the highest ever in any quarter, increasing 36 percent YoY, which comprises domestic sales of 4.54 lakh units and exports at 63,195 units.
Shortage of electronic components impacted production by about 35,000 vehicles during the quarter, the company said.
The company further said pending customer orders stood at about 4.12 lakh vehicles at the end of the September FY23 quarter, out of which about 1.3 lakh vehicle pre-bookings were for recently launched models.

The operating profit for Q2FY23 at Rs 2,046.3 crore increased nearly 21-fold compared to the same period last year, largely on a low base.
The operating profit in the year-ago period had dipped sharply owing to steep commodity price increases and electronic component supply constraints and hence YoY results are not strictly comparable, Maruti said.
The operating profit margin expanded sharply by 670 bps year-on-year to 7.2 percent during the quarter.
"Relatively better sales volume leading to improved capacity utilisation, favourable foreign exchange variation, cost reduction efforts, and improved realisation boosted margin performance, though impacted by higher advertisement cost, and higher power & fuel expenses," the company said.
For the half year ended September FY23, Maruti reported a 236 percent YoY growth in standalone profit at Rs 3,074.3 crore and revenue from operations increased by 47 percent to Rs 56,430.6 crore compared to the corresponding quarter last fiscal.
The stock rallied 3 percent to Rs 9,305 on the NSE, with volumes of 10.46 lakh shares at the time of writing this article.

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