NEW DELHI: Maruti Suzuki on Friday said its profit after tax (PAT) grew 57.7 per cent year-on-year (YoY) to Rs 1,838.90 crore in the March quarter from Rs 1,166.10 crore in the corresponding quarter last year. The profit figure beat ET NOW poll estimate of Rs 1,494 crore.

However, the sales figure was lower than the ET NOW poll estimate of Rs 26,775 crore.

Sales volume for the quarter fell 0.7 per cent YoY to 488,830 units against 492,235 units in the same quarter last year.

The operating EBIT margin came in at 7 per cent compared with Rs 5.4 per cent in the year-ago quarter, up 160 basis points YoY.

Cost reduction efforts, lower sales promotion expenses and increase in selling prices helped the margin to improve and so the higher non-operating income.

The carmaker announced a dividend of Rs 60 per share, totaling Rs 1,813 crore. This is against a dividend of Rs 45 per share for FY21. This is a special one-time gesture to thank shareholders for their patronage and support as the company commemorates its 40th year since inception,” the company said.

“The prices of commodities such as steel, aluminum and precious metals witnessed an unprecedented increase during this year. The company was forced to increase prices of vehicles to partially offset this impact. The company continued to work on cost reduction efforts to minimize the impact on customers,” Maruti said.

During the quarter, sales in the domestic market stood at 420,376 units, down 8 per cent YoY. Sales in the export market were at 68,454 units, the highest ever in any quarter.

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By Dipak

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