Maruti Suzuki India fourth-quarter profit jumps 57.7%
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BENGALURU -Maruti Suzuki India Ltd posted a 57.7% jump in quarterly profit on Friday as price hikes and lower sales promotion costs helped the country's top carmaker outweigh the impact of high raw material costs and global chip shortages.
Carmakers worldwide are raising prices to counter higher input and freight costs that are expected to take a bite out of their earnings.
Maruti, which sells every second car in India and is majority-owned by Japan's Suzuki Motor Corp, has hiked prices five times from January 2021 to April 2022 and also lowered sales promotion expenses.
However, Maruti, which has already warned that chip shortages could have some impact on 2022-23 production, said https://www.bseindia.com/xml-data/corpfiling/AttachLive/2f13884d-aecd-49e7-9b70-ea9e973e8de9.pdf, there were pending customer bookings of about 268,000 vehicles for the year ending March 31, 2022 due to the shortages.
The company reported a profit of 18.39 billion rupees (240.81 million) for the three months ended March 31, compared with 11.66 billion rupees a year earlier.
Analysts had expected Maruti to earn 14.74 billion rupees.
Total revenue from operations rose 11.3% to 267.40 billion rupees.
