Maruti Suzuki announced its financial results on Friday, April 29, 2022 revealing that the company’s net profits for FY 2021-22 were down 11 percent despite an uptick in net sales. The carmaker reported a net profit of ₹ 37,663 million, down from ₹ 42,297 million in FY 2020-2021. Net sales meanwhile, stood at ₹ 837,981 million – up from ₹ 665,621 million in the previous financial year. In terms of units sold, Maruti saw sales climb by 13.4 percent overall on the back of its best export year yet with domestic sales up by 3.9 percent over the previous year. In total, the carmaker says it posted sales of 1,652,653 units with 1,414,277 units sold in the domestic market.
Sales of small cars have been on the decline, a segment where Maruti has long held leadership position in volumes.
The financial year wasn’t without its challenges with Maruti saying that production of about 2.70 lakh units was affected by the global semiconductor shortages. The carmaker also reported outstanding domestic bookings of 2.68 lakh at the end of the financial year. The company also cited the rise in prices for raw materials during the year which had prompted hikes in prices for their range of cars.
Speaking of the final quarter, Maruti recorded net sales of ₹ 255,140 million – an 11.1 percent increase year on year. Net profits for the quarter too were higher than in the same period in the past year and stood at ₹ 18,389 million – 57.7 percent climb.
Highlights
- Maruti records drop in net profits in FY 2022
- Says 2.68 lakh bookings still pending at end of financial year
- Reports a 57.7 percent growth in net profits in Q4 FY 2022
Keyword: Maruti Suzuki Net Profits Decline 11 Percent In FY 2021-22