Indian automaker Maruti Suzuki’s sales dip by 6.7pc in FY2021 (April-March) to 1,457,861 vehicles due to disruptions caused by the COVID-19 pandemic. The company’s sales in the Q4 (January-March) grew by 27.8pc to 492,235 units from the prior year, while it fell marginally by 0.7pc from Q3.
Domestic sales rose to 456,707 units, up by 26.7pc from the prior year, while exports grew 44.4pc to 35,528 units. Last year, sales in the March quarter were largely impacted by COVID-19-related lockdown.
In Q4, net sales increased to Rs229.59mn ($3.08mn) up by 33.6pc from the previous year. Operating profit grew 72.8pc to Rs12,501mn from the prior year on improved sales volume, lower sales promotion expense, higher selling price and cost reduction, while it was offset by a steep rise in commodity prices. Net profit fell by 9.7pc to Rs11,661mn. Lower non-operating income due to mark-to-market loss on invested surplus also weighed on net profit.
For the full year 2021, sales volume witnessed a degrowth of 6.7pc from the prior year due to the pandemic and dropped to 1,457,861 units. Net sales fell by 7.2pc to Rs665,621mn, while net profit declined by 25.1pc to Rs42,297mn. Dip in sales volume, higher commodity prices, adverse forex movements and lower non-operating income pressured profits shadowing gains from lower operating expenses and cost reductions.
In FY2021, domestic sales fell by 6.8pc while exports dropped by 5.9pc from the prior year to 1,361,722 units and 96,139 units, respectively.