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Maruti Suzuki reports net profit increased by four times to Rs 2,062 crore

Maruti Suzuki declared a net profit of Rs 2,061.50 crore on Friday, a four-fold increase from the profit of Rs 475.30 crore in the same quarter the previous year.

Sales increased by 47.91% year over year (YoY) for the quarter, reaching Rs 28,543.50 crore from Rs 19,297.80 crore in the same quarter last year.

According to the company’s exchange filing, operating Ebit increased 20.71 times to Rs 2,046.30 crore from Rs 98.80 crore in the same quarter last year.

Ebit margin increased by 670 basis points during the quarter to 7.2% from 0.5% in the corresponding quarter last year.

The vehicle manufacturer said that greater capacity utilisation was a result of significantly better sales volume. Cost-cutting initiatives, favourable foreign exchange variance, and increased realisation helped the figures.

In response to the results, the stock increased by 3.30% to Rs 9,345 on the BSE.

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