In FY23, Maruti Suzuki posts its biggest sales ever, and its net profit doubles

Maruti Suzuki reported its highest-ever volumes, exports, turnover, and profitability in FY23 despite supply chain hiccups. 

According to business papers, the company's net profit in FY23 more than doubled to Rs 8,049 Cr from Rs 3,766 Cr in FY22, while operating revenue increased 20% YoY to Rs 32,048 Cr. 

The automotive giant crossed the Rs 1 lakh crore turnover threshold for the first time ever.

The advertising expenditures are not mentioned in the financial report. However, business representatives had already disclosed to e4m that the company spent over Rs 800 cr on advertising and promotion in FY23.

"The new models and product refreshers introduced during the year, especially in the Utility Vehicles segment, received good market response," Maruti Suzuki stated in a statement.

The total number of units sold in the year included 259,333 units of record-breaking exports and 1,706,831 units for the domestic market.

The company's profit for the fourth quarter (Q4) increased 43% year over year (YoY) to Rs 2,624 crore.

Expansion 

Encouraged by the expansion, the business plans to increase capacity to produce up to 10 lakh extra vehicles annually. 

Around 13 lakh units are currently capable of being produced in Manesar and Gurugram combined. While defining the phases of capacity installation, the necessary expenditure for the anticipated capacity augmentation would be finalized in due course.