Maruti Suzuki on Wednesday posted a net profit of Rs 440.8 crore for the quarter ended June 2021. The automobile major had reported a net loss of Rs 249.4 crore for the corresponding period a year ago.
Revenue of the country’s largest carmaker came in at Rs 17,770.7 crore in Q1FY22, marking a more than a four-fold increase from Rs 4,106.5 crore in Q1FY21.
The company sold a total of 353,614 units during the June 2021 quarter. Sales in the domestic market stood at 308,095 units, while exports were at 45,519 units.
Earnings Before Interest, Taxes, Depreciation, and Amortization, or EBITDA during the quarter under review was at Rs 821 crore versus an EBITDA loss of Rs 863.4 crore last year.
Maruti Suzuki’s profit and revenue missed analysts’ estimates. Analysts in a CNBC-TV18 poll had estimated the auto major to report a net profit of Rs 675.7 crore over revenue of Rs 17,929 crore.
"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," Maruti Suzuki said in a regulatory filing.
Sales in Q1 remain far below the previous high in Q1 of FY2018-19.
Lower sales volume due to COVID-19 related disruption, leading to lower capacity utilization and adverse commodity prices negatively impacted margins, the company further said. However, lower sales promotion expenses and increase in selling prices and higher non-operating income offset the impact.
Maruti Suzuki shares ended 1.27 percent lower at Rs 7,149.70 apiece on BSE, minutes after the earnings announcement on Wednesday. The stock underperformed the 30-scrip Sensex benchmark, which recovered most of the day's losses to close with a cut of 0.26 percent at 52,443.71.