Maruti Suzuki's net profit increased more than two-fold to Rs 2,351 crore as against Rs 1,011 crore during the same quarter last year on the back of strong demand for its cars.
The numbers reported by the India's largest automobile maker were better than analysts’ estimates as a net profit of Rs 1,881 crore was expected, according to Refinitiv IBES data, news agency Reuters reported.
The Delhi-based manufacturer's revenue from sale of products rose 25 per cent in the third quarter of current financial year to Rs 27,849 crore versus Rs 22,187 crore in the year ago period.
The company sold a total of 465,911 vehicles during the quarter. Sales in the domestic market were 403,929 units and exports were 61,982 units.
"Shortage of electronic components impacted production by about 46,000 vehicles in this quarter. This was against total sales of 430,668 units comprising 365,673 units in domestic and 64,995 units in export markets in the same period, previous year," the country's largest car maker said.
The company witnessed strong demand for its cars as its total pending customer orders at the end of third quarter were 3,63,000 vehicles out of which about 1,19,000 orders were for newly launched models, the company said.
The company launched two sports utility vehicles Jimny and Fronx at the Auto Expo 2023.
The shares of Maruti Suzuki jumped as much as 3 per cent to hit an intraday high of Rs 8,681 after the company reported its December quarter earnings.