Maruti Suzuki, India’s leading automaker, reported a significant rise in its net profit for the third quarter ended December 2022. The company’s net profit more than doubled to ₹2,351 crore, compared to ₹1,011 crore in the same quarter the previous year.
The profit was better-than-expected due to healthy demand. Revenue from operations also witnessed a growth of 25% to ₹29,044 crore, compared to ₹23,246 crore in the same period the previous year.
The company sold a total of 465,911 vehicles during the quarter, with sales in the domestic market at 403,929 units and exports at 61,982 units. Shortage of electronic components impacted production by about 46,000 vehicles in this quarter.
Maruti Suzuki’s shares were trading more than 2% higher at ₹8,595 on the BSE.