Maruti Suzuki profits quadruple to Rs 21125 crore – Maruti Suzuki profits quadruple to Rs 21125 crore

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New Delhi, Oct 28 (PTI) Country’s largest carmaker Maruti Suzuki India Ltd (MSIL) posted a more than four-fold jump in consolidated net profit at Rs 2,112.5 crore in the second quarter of the current fiscal.

Giving this information to the stock exchange on Friday, the company said that its profit increased due to record sales in the July-September quarter. The company posted a consolidated net profit of Rs 486.9 crore in the same quarter of the previous financial year.

According to MSIL, its total operating income rose to Rs 29,942.5 crore during the quarter under review from Rs 20,550.9 crore a year ago.

The automaker sold a total of 5,17,395 vehicles in the second quarter, the highest in any quarter. During this period the company’s sales in the domestic market stood at 4,54,200 units.

Maruti Suzuki said production of around 35,000 vehicles has been affected due to the shortage of electronic components. The company’s sales stood at 3,79,541 units due to acute shortage of these devices in the same quarter last year as well.

MSIL Chairman RC Bhargava said in an online press conference that the impact of the Covid-19 pandemic and challenges like shortage of electronic components were not visible in the auto industry in the second quarter, resulting in good sales growth.

He said, “This year is very special during the festival season. After a long day people came out and bought, which helped the market recover completely.

MSIL said there were around 4.12 lakh units of orders pending at the end of the second quarter, of which around 1.3 lakh vehicles were pre-booked for the recently launched models Grand Vitara and the new Brezza.

Asked whether MSIL is still sticking to its target of selling 20 lakh units in the current financial year, Bhargava said, “We have not given up on our challenge to reach 20 lakh units. Currently there is a shortage of semiconductors and it is affecting all four of our models.

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