The integrated net profit of the country’s largest car company Maruti Suzuki India (MMI) has increased by 42 percent to Rs 2,671 crore in the fourth quarter of the last financial year (2022-23) ended in March. The company gave this information to the stock markets on Wednesday. The company said its profit increased due to improved sales, better realizations and favorable foreign exchange movements.
MSI had earned a net profit of Rs 1,876 crore in the March quarter of the previous financial year 2021-22. The company’s net sales increased from Rs 26,749 crore to Rs 32,060 crore in the quarter under review. MSI’s integrated net profit for the entire financial year 2022-23 stood at Rs 8,211 crore. In the financial year 2021-22, this figure was Rs 3,879 crore.
The net sales of the company also increased from Rs 88,330 crore to Rs 1,17,571 crore during the financial year. MSI said that the company’s board of directors has approved the creation of additional capacity of up to one million cars every year to meet the projected market demand, including exports.
In the fourth quarter, the company’s vehicle sales increased by 5.3 percent to 5,14,927 units on an annual basis. In the January-March quarter, the company’s sales in the domestic market increased by 7.1 percent to 4,50,208 units. During this period, the company’s exports decreased from 68,454 units to 64,719 units.
In the financial year 2022-23, the company’s total vehicle sales stood at 19,66,164 units. However, the company could not produce around 1.70 lakh units during the financial year due to shortage of electronic components.
The board of directors of the company has recommended the highest ever dividend of Rs 90 per share as against Rs 60 per share for the financial year 2021-22. The company’s stock closed at Rs 8,503.15 on the BSE, up 0.26 per cent.