Maruti Suzuki announced a 129.55 percent increase in its consolidated net profit for the quarter ending in December 2022 to Rs 2,391.5 crore on January 24. In the same quarter last year, the profit was Rs 1,041.8 crore.

The overall revenue from operations was Rs 29,057.5 crore, up 24.96 percent from Rs 23,253.3 crore in the same quarter last year, the country’s largest automaker reported in a stock exchange filing.

The rise in profits was fueled by increased sales and a decline in raw material prices. The company’s EBIT margin increased by 350 basis points year-over-year to 7.6 percent. The profit margin increased 380 basis points year-over-year to 8.4 percent.

The firm sold 4,65,911 vehicles during the quarter, an increase of 8.2% year-over-year. Domestic sales totaled 4,03,929 units, while exports amounted to 61,988 units. During the same period last year, a total of 430,668 units were sold, including 365,670 units on domestic markets and 64,995 units on export markets.

“Approximately 46,000 fewer vehicles were produced this quarter due to a shortage of electronic components,” the automaker stated in a statement.

At the end of this quarter, pending customer orders totaled around 3,63,000 automobiles, of which approximately 1,19,000 were for newly introduced models, according to Maruti Suzuki.

The shares of Maruru Suzuki increased by more than 1 percent to Rs 8528.65 on the release of earnings.