Maruti shares jump over 7 pc

Shares of Maruti Suzuki India on Tuesday jumped over 7 per cent even as the company reported a 47.82 per cent decline in consolidated net profit in the third quarter ended December 2021.

The stock rallied 6.88 per cent to settle at Rs 8,600.60 on BSE. During the day, it jumped 7.63 per cent to its 52-week high of Rs 8,661.60.

On NSE, it gained 7.42 per cent to settle at Rs at Rs 8,650.10.

The country's largest carmaker Maruti Suzuki India on Tuesday reported a 47.82 per cent decline in consolidated net profit at Rs 1,041.8 crore in the third quarter ended December 2021, on account of lower sales due to the ongoing semiconductor shortage and increase in commodity prices.

The auto major had posted a consolidated net profit of Rs 1,996.7 crore in the October-December period of last fiscal, Maruti Suzuki India said in a regulatory filing.

The fall in net profit during the period under review was due to lower sales volume, high commodity prices and lower non-operating income on account of mark-to-market impact, it noted.

Consolidated revenue from operations declined marginally to Rs 23,253.3 crore in the third quarter as compared to Rs 23,471.3 crore in the year-ago period, it added.

Total vehicle sales were down 13.1 per cent to 4,30,668 units in the third quarter as against 4,95,897 units in the corresponding period last fiscal.

Maruti Suzuki noted that its production during the third quarter was constrained by a global shortage in the supply of electronic components because of which an estimated 90,000 units could not be produced.

''There was no lack of demand as the company had more than 2,40,000 pending customer orders at the end of the quarter. Though still unpredictable, the electronics supply situation is improving gradually. The company hopes to increase production in Q4, though it would not reach full capacity,'' it added.

On a standalone basis, the company said its net profit in the third quarter stood at Rs 1,011.3 crore as compared with Rs 1,941.4 crore in the same period previous year.

The auto major clocked its highest ever exports at 64,995 units in the third quarter, it added.