Maruti Suzuki India (MSIL), the largest passenger vehicle manufacturer in the country, recorded a consolidated net profit of ₹2,671 crore for the fourth quarter ended March 31, which is a 42% YoY growth compared to ₹1,876 crore in the corresponding period last year.
The Q4 FY23 revenue from operations also grew by 20% YoY to ₹32,059 crore (₹26,749 crore). The company sold 5,14,927 vehicles during the quarter, representing a 5.3% YoY growth compared to the previous year.
Despite electronical component shortages, the company reported its highest-ever annual sales volume, surpassing the ₹1-lakh-crore mark, and selling 19,66,164 vehicles during the year (a 19% growth compared to FY22). Revenue from operations grew by 33% in the full financial year to ₹1,17,571 crore (₹88,329 crore), and the net profit grew by 111% to ₹8,211 crore compared to ₹3,879 crore in FY22.
MSIL attributed this growth to the good market response to the new models and product refreshers that were introduced during the year, especially in the utility vehicles segment. Sales volume in the year consisted of 17,06,831 units in the domestic market and the highest-ever exports of 2,59,333 units.