The profit during the quarter was primarily impacted due to lower sale volumes. Commodity prices increased steeply but the company said it continued to make efforts to reduce costs.
Consolidated net sales surged 356.6% to Rs 16,799.90 crore in Q1 FY22 over Rs 3,679 crore in Q1 FY21. Pre-tax profit stood at Rs 596.50 crore in Q1 FY22 as against a pre-tax loss of Rs 369.70 crore in Q1 FY21. The Q1 earnings was declared during trading hours today, 28 July 2021.
As per the company's press statement: The second wave of the pandemic adversely impacted on the Q1 FY22 production and sales. While all the parameters during the quarter were substantially better than Q1 FY2020-21, a comparison is not meaningful because Q1 last year had a much higher degree of disruption due to the pandemic. Sales in Q1 remain far below the previous high in Q1 FY2018-19.
Maruti Suzuki India sold a total of 3,53,614 units during the Q1 FY22 as compared to 76,599 units sold in Q1 FY21. Sales in the domestic market was at 3,08,095 units during the quarter as against 67,027 units sold in Q1 June 2020. Exports stood at 45,519 units in Q1 FY22 over 9,572 units in Q1 FY21.
Meanwhile, the board, in the meeting, intimated that Mr Osamu Suzuki has retired from the board of Suzuki Motor Corporation in June 2021. However, he will continue to remain on the board of Maruti Suzuki India.
Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles).
Shares of Maruti Suzuki India slipped 1.26% to close at Rs 7,150.20 on BSE. The stock traded in the range of Rs 7,063.85 to Rs 7,305.40.
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