Maruti Suzuki sold 4,98,030 total vehicle sales in Q2, reports 6.4% annual rise

livemint.com:

Maruti Suzuki India Ltd. has registered a 6.4% rise in its total vehicle sales in Q2, 2023 compared to the same period last year. The country’s largest automobile manufacturer sold a total of 4,98,030 vehicles during the quarter.

Its total sales in the domestic market stood at 4,34,812 units, up by 9.1% over that in Q1 of financial year 23. While the export sales were at 63,218 units in Q2, 2023 as compared to 69,437 units in Q1FY23. Announcing its quarterly results, Maruti Suzuki said “Shortage of electronic components in this Quarter resulted in over 28,000 vehicles not being produced." It revealed that its pending customer orders stood at about 3,55,000 vehicles at the end of the Quarter.

The Company is making efforts to serve these orders fast, it added. Maruti Suzuki India's first-quarter profit exceeded expectations and more than doubled on Monday, benefiting from increased sales of higher-priced and margin-boosting utility vehicles (UV), making it the country's largest carmaker by volume. For the quarter ended June 30, the company reported a net profit of 24.85 billion rupees ($302.3 million), surpassing analysts' estimates of 24.75 billion rupees according to Refinitiv data.

Maruti's strong performance follows that of its smaller rival, Tata Motors, whose profit also surpassed expectations. The company's net sales showed a notable 22% growth, reaching 308.45 billion rupees, primarily driven by a remarkable increase of over 50% in UV sales. In addition to the positive financial results, Maruti Suzuki India also announced its decision to terminate its contract manufacturing agreement with Suzuki Motor Gujarat (SMG) and exercise the option to acquire the shares of SMG from its parent company, Suzuki Motor Corp.