The Board of Directors of Maruti Suzuki India Ltd. approved the financial results for the period April-June, FY 2021-22 (Quarter 1).
The second wave of the pandemic adversely impacted on the Q1 production and sales. While all parameters this quarter were substantially better than Q1 of FY2020-21, a comparison is not meaningful because Q1 last year had a much higher degree of disruption due to the pandemic. Sales in Q1 remain far below the previous high in Q1 of FY2018-19.
Highlights: Quarter 1 (April-June), FY 2021-22
The company sold a total of 353,614 units during the Quarter. Sales in the domestic market stood at 308,095 units. Exports were at 45,519 units. During the same period previous year (Quarter 1 FY 2020-21), the company sold a total of 76,599 units including sales of 67,027 units in domestic market and exports of 9,572 units. For reference, the total sales in Quarter 1 FY2018-19 stood at 490,479 units.
During the Quarter 1 FY 2021-22, the company registered Net Sales of INR 167,987 million compared to Net sales of INR 36,775 million in Quarter 1 FY 2020-21.
Profit After Tax:
The company made a Net Profit of INR 4,408 million in the Quarter 1 FY 2021-22 compared to a loss of INR 2,494 million in Quarter 1 FY 2020-21.
The profit for the Quarter 1 FY 2021-22 was primarily impacted due to lower sale volumes. Commodity prices increased steeply but the company continued to make efforts to reduce costs.
The Board meeting noted that Mr. Osamu Suzuki had retired from the Board of Suzuki Motor Corporation in June 2021. However, he continues to remain on the Board of Maruti Suzuki India and give the company the benefit of his immense experience and knowledge. The Board took note of his deep commitment to Maruti Suzuki over the last 40 years, and the huge contribution he has made towards its success. The entire nation has benefitted from his efforts. In recognition of his services to the company the Board of Directors unanimously decided to confer on him the title of “Honorary Chairman”.