Maruti Suzuki net profit surges over 2-fold to Rs 2,525 cr in Q1; net sales at Rs 32,338 cr

New Delhi: Maruti Suzuki India (MSI) on Monday said its consolidated net profit surged over two-fold to Rs 2,525 crore for the first quarter ended on June 30, 2023.

The auto major had reported a net profit of Rs 1,036 crore in the same period of 2022-23.

Total revenue from operations increased to Rs 32,338 crore in the April-June quarter from Rs 26,512 crore in the year-ago period, according to an exchange filing by the company.

The company's board which met on Monday, approved termination of the contract manufacturing agreement with Suzuki Motor Gujarat Private Limited (SMG) and exercising the option to acquire the shares of SMG from Suzuki Motor Corporation (SMC) subject to all legal and regulatory compliances including minority shareholder's approval.

Shares of the company ended 1.42 per cent up at Rs 9,806.25 apiece on the BSE.