Maruti Suzuki India reports Rs 44bn net profit for Q1 FY 2021-22

Maruti Suzuki India Limited (MSIL) reported a net profit of INR 4,408 million in the first quarter of the fiscal year 2021-22 (Q1 FY 2021-22) compared to a loss of INR 2,494 million made in the same quarter of FY 2020-21.

According to the Indian car manufacturer, profit for the Q1 FY 2021-22 was affected mainly because of lesser sale volumes. The company said that there has been a steep increase in commodity prices, although it continued to put efforts to cut down costs.

Net sales for Maruti Suzuki India during the reported quarter were INR 167,987 million compared to INR 36,775 million in the first quarter of FY 2020-21.

The Indian automobile company reported a sale of 353,614 units during Q1 FY 2021-22. In the Indian market, the figure stood at 308,095 units, while 45,519 units were exported to other countries.

Maruti Suzuki India reports Rs 44bn net profit for Q1 FY 2021-22. Photo courtesy of MARUTI SUZUKI INDIA LIMITED.

During the same period in the previous fiscal year, Maruti Suzuki India sold 76,599 units, which included sales of 67,027 units in the Indian market 9,572 units outside of India.

Maruti Suzuki India stated: “The second wave of the pandemic adversely impacted on the Q1 production and sales. While all parameters this quarter were substantially better than Q1 of 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 of FY2018-19.”

Earlier this month, the car manufacturer announced that Maruti Suzuki Smart Finance, its car loan solution, will allow customers to finance their cars online from anywhere.