Maruti Suzuki India has announced the financial results for 2022-23. Although the shortage of electronic components had some impact on the production volume, the country's largest passenger carmaker has managed to deliver its highest-ever sales of 19.66 lakh (19,66,164) units during FY2022-23, recording a 19 per cent increase in sales over 16.53 lakh (16,52,653) vehicles sold during FY2021-22. Of total sales in 2023, the company sold around 17.06 lakh (17,06,831) units in the domestic market and exported more than 2.59 lakh (2,59,333) units from India. Meanwhile, the company's annual turnover crossed the Rs 1 lakh crore mark for the financial year ending March 31.
The company's net sales figure stood at Rs 1.12 lakh crore, as opposed to Rs 83,798 crore in the financial year ending March 31, 2022. Whereas its net profit for the year grew to Rs 8,049 crore from Rs 3,766 crore in the same period last year.
Maruti Suzuki India Sales Performance for Q4, FY2022-23
In the last quarter ended March 31, 2023, Maruti Suzuki India reported a 42.7 per cent increase in its net profit at Rs 2,623 crore, as compared to the same period previous fiscal. It sold 5.15 lakh (514,927) vehicles during the last quarter, with about 4.50 lakh (4,50,208) units sold in the domestic market and 64,719 units exported, according to Maruti Suzuki India. Maximum domestic sales came from the compact segment followed by the Utility Vehicles segment.
Higher sales volume, favourable forex movement, and improved realisation from the market were the factors that drove the operating profit or EBITDA of the company to Rs 2,611 crore, registering a growth of 46.7 per cent over quarter 4 of the financial year 2021-22. On the other hand, it had net sales of Rs 30,821 crore representing a jump of 20.8 per cent over the same period last year.
Maruti Suzuki India Board Announces Annual Production Capacity of 10 Lakh Vehicles
The highest-ever dividend of Rs 90 per equity share with a face value of Rs 5 each was approved by the board of directors of Maruti Suzuki India, in contrast to a payout of Rs 60 per share in the financial year 2021-22. Furthermore, the board gave an in-principle nod to create an additional production capacity of up to 10 lakh vehicles per year, which will be funded using internal resources.