Maruti Suzuki India (MARUTI) Q4 20/21 earnings summary

Executive summary

• FY21 results reflected pandemic disruption: production was 1,441,424 units, down from 1,577,304; Q4 production was 21.6% higher YoY.

• H2 demand recovered as lockdowns eased, but full-year profits were pressured by lower volumes, commodity inflation and adverse FX movements.

• Cash reserves supported business continuity and supplier/dealer cash-flow assistance; the board recommended a dividend of ₹45 per share.

Financial highlights

• Net sales were ₹665,621m vs ₹716,904m; total revenue was ₹732,789m vs ₹790,314m, down 7.28% YoY.

• PAT was ₹42,297m, down 25.1%; PBT was ₹51,594m, down 27.0% YoY.

• EBITDA was ₹53,453m vs ₹73,026m; EBIT was ₹23,138m vs ₹37,769m.

• EPS was ₹140.02 vs ₹187.06; domestic vehicle sales were 1,361,722 units and exports were 96,139 units.

Outlook and guidance

• FY22 Q1 sales were limited to 353,600 units after the second COVID wave and state restrictions; subsequent recovery depended on vaccination, safety protocols and avoiding further waves.

• A recovery from FY21 lows was possible, but semiconductor shortages, renewed lockdowns and uncertain demand remained near-term constraints.

• Medium-term priorities included capacity expansion, UV offerings, exports, cost optimisation and a mix of efficient ICE, CNG, hybrid and electric powertrains.