Maruti Records Highest Sales in Q4 Of FY 2021-22
India’s largest car manufacturer, Maruti Suzuki has announced the financial results for the year 2021-2022.
Quarter 4 Financial Year 2021-22
In quarter 4, the company sold a total of 488,830 vehicles, lower by 0.7% compared to the same period previous year. The sales in the domestic market stood at 420,376 units with a decline of 8 percent over that in Q4 FY21. The sales in the export market were at 68,454 units, which the company says is the highest recorded sales ever in any quarter.
During this quarter, the company registered net sales of Rs. 255,140 million with an increase of 11.1% compared to the same period of the financial year 2020-21. The operating profit for the quarter stood at Rs. 17,796 million with a growth of 42.4% over that of Q4FY21.
Net profit for the quarter stood at Rs. 18,389 million, higher by 57.7% compared to the same period last year.
Maruti says that they were forced to increase the prices of vehicles during the quarter 4, due to the increase in prices of commodities such as steel, aluminium and precious metals, to partially offset this impact but the company continued to work on cost reduction efforts to minimize the impact on customers.
Financial Year 2021-22
In the financial year 2021-22, Maruti Suzuki sold a total of 1,652,653 vehicles which was higher by 13.4% over the financial year 2020-21. The sales in the domestic market stood at 1,414,277 units with an increase of 3.9% over the financial year 2020-21.
During the year, the company recorded its highest ever exports of 238,376 units in FY 2021-22 compared to 96,139 units in FY 2020-21. This was also about 62% higher than the peak exports in any financial year so far.
During the FY2021-22, Maruti registered net sales of Rs. 837,981 million compared to Rs. 665,621 million in the financial year 2020-21.
The company says that the production during the FY2021-22 was impacted by shortage of electronic components by an estimated 270,000 vehicles, mostly domestic models, because of which there were pending customer bookings of about 268,000 vehicles at the end of the year. In addition, the first quarter witnessed a disruption due to the second Covid wave.
Despite a 26 percent increase in net sales, the net profit for the period declined by 11% over previous year to Rs. 37,663 million.
Though the profit in the financial year 2021-22 was lower, Maruti’s board of directors recommended a dividend of Rs. 60 per share (face value of Rs. 5 per share) compared to Rs. 45 per share in FY 2020-21.
