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Maruti Suzuki India on Wednesday reported a 42 per cent rise in consolidated net profit to Rs 2,671 crore for the fourth quarter ended March 2023, driven by higher sales, improved realisation and favourable forex movement.

The country’s largest carmaker logged a net profit of Rs 1,876 crore in the January-March of 2021-22.

Net sales during the fourth quarter rose to Rs 32,060 crore compared to Rs 26,749 crore in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing.

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For the entire 2022-23, MSI posted a consolidated net profit of Rs 8,211 crore against Rs 3,879 crore in 2021-22.

Net sales last fiscal stood at Rs 1,17,571 crore against Rs 88,330 crore in 2021-22.

The company said its board has approved the creation of an additional capacity of up to 10 lakh cars per year to cater to the estimated market demand, including exports.

In the fourth quarter, the company said, it sold a total of 5,14,927 vehicles, higher by 5.3 per cent year-on-year.

In the January-March period, the sales in the domestic market stood at 4,50,208 units, up 7.1 per cent against Q4 FY22.

The sales in the export market stood at 64,719 units compared to 68,454 units in the March quarter of FY22, the auto major said.

In 2022-23, the company said, it sold a total of 19,66,164 vehicles, despite missing production of about 1,70,000 units due to a shortage of electronic components.

This translated to a growth of 19 per cent over FY2021-22 sales volume of 1,652,653 vehicles, it added.

The sales volume in the year comprised 17,06,831 units in the domestic market and the highest-ever exports of 2,59,333 units, MSI said.

The company’s board recommended the highest-ever dividend of Rs 90 per share compared to Rs 60 per share in FY 2021-22.

Shares of the company closed 0.26 per cent up at Rs 8,503.15 apiece on the BSE.