Saturday, Dec 4 2021 | Time 23:23 Hrs(IST)
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Business Economy


Chips shortage dampens Maruti Q2 show, profit falls 65 pc YoY

(Repeating, correcting headline)
New Delhi, Oct 27 (UNI) Adverse commodity prices, lower sales volume due to electronic component shortages with consequential lower capacity utilization pulled down auto major Maruti Suzuki’s net profit to Rs 475.30 crore for the September quarter of FY22, a 65.35% year-on-year plunge from Rs 1,371.60 crore in the same quarter last fiscal, according to the financial results for the July-September quarter of FY 2021-22 released on Wednesday.
The company reported a 9.09% decline in net sales for the Q2 FY22 at Rs 19,297.80 crore compared with Rs 17,689.30 crore in the corresponding quarter last year.
The company sold a total of 379,541 units during the quarter constrained by a global shortage in the supply of electronic components whereas during the same period of FY 2020-21, the company clocked a total sale of 393,130 units. Sales in the domestic market stood at 3,20,133 units in Q2 of FY22, as compared to 370,619 units sold in the domestic market in the corresponding period of FY 2020-21.
The most notable aspect in Maruti Suzuki’s performance in the September quarter of FY22 is export, which at 59,408 units, is the highest ever in any quarter, surpassing the 22,511 units sold by the company in the export market in Q2 period of FY 2020-21.
An estimated 116,000 vehicles could not be produced owing to the electronics component shortage mostly corresponding to the domestic models and there were more than 200,000 pending customer orders at the end of the quarter for which the company is making all efforts to expedite deliveries, Maruti Suzuki said in an exchange filing.
The quarter was also marked by an unprecedented increase in the prices of commodities like steel, aluminium and precious metals within a span of one year. The company made maximum efforts to absorb input cost increases offsetting them through cost reduction and passed on minimum impact to customers by way of car price increase, Maruti Suzuki statement said.
The first half of FY 2021-22 (April-September), saw the company selling a total of 733,155 units, with sales in the domestic market at 628,228 units and exports at 104,927 units. During the same period, H1 of FY21, the company clocked a total sale of 469,729 units including 437,646 units in domestic market and 32,083 units in the export market.
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