Maruti Suzuki India (MSI) announced a remarkable performance in the first quarter ending on June 30, 2023, as its consolidated net profit soared more than two-fold, reaching Rs. 2,525 crore. In the corresponding period of 2022-23, the auto major had reported a net profit of Rs. 1,036 crore.
The company’s total revenue from operations also witnessed significant growth, rising to Rs. 32,338 crore in the April-June quarter from Rs. 26,512 crore in the year-ago period. This data was disclosed in an exchange filing by the company.
During the same time, the company’s board met and approved the termination of the contract manufacturing agreement with Suzuki Motor Gujarat Private Limited (SMG). Additionally, the board decided to exercise the option to acquire the shares of SMG from Suzuki Motor Corporation (SMC), subject to fulfilling all legal and regulatory compliances, including obtaining approval from minority shareholders.
Following this positive news, shares of the company ended on a high note, increasing by 1.42 per cent to Rs. 9,806.25 apiece on the BSE.
