New Delhi: Maruti Suzuki India Limited (MSIL) on Wednesday reported a consolidated profit of INR 475 crore for April-June 2021 quarter, as against a loss of INR 268 crore for the same period last year.
Total revenue from operations was at INR 17,776 crore as compared to 4,111 crore in April-June 2020.
On a standalone basis, the company reported a profit of INR 440.8 crore in Q1 FY22, compared to a loss of INR 249.4 crore in the year ago period.
“The profit for Q1 FY 2021-22 was primarily impacted due to lower sales volumes. Commodity prices increased steeply but the company continued to make efforts to reduce costs,” MSIL said in a regulatory filing.
The car maker sold a total of 353,614 units during Q1 FY22. Sales in the domestic market stood at 308,095 units, while exports were at 45,519 units. During the same period previous year, the Company sold a total of 76,599 units including sales of 67,027 units in the domestic market and exports of 9,572 units.
The production and sales in quarter one of FY22 were significantly affected by the pandemic-related disruptions. These parameters were substantially higher than those in quarter one of FY21 which had a more severe impact of the COVID-19 disruptions, said the company statement.
On July 12, MSIL increased the prices of its Swift and all CNG variants, by upto INR 15,000 due to increase in input cost. This was the third time that the company raised its prices for this calender year. Earlier in April, the company had hiked the prices of different car models. In January, it had cited a rise in input costs and had increased prices for some car models, by up to INR 34,000 depending on the model and ranges.
The steep climb in overall input costs, especially due to continuing rise in costs of essential raw material including steel and precious metals, necessitates a transfer of at least some part of this increase to end customers, it said in a statement.
Additionally, MSIL said that Osamu Suzuki has retired from the Board of Suzuki Motor Corporation in June 2021. However, he continues to remain on the Board of Maruti Suzuki India Limited. “The Board took note of his deep commitment to Maruti Suzuki over the last 40 years, and the huge contribution he has made towards its success. The entire nation has benefitted from his efforts. In recognition of his services to the Company the Board of Directors unanimously decided to confer on him the title of ‘Honorary Chairman’,” it said.