Maruti Suzuki says production volume likely to be hit in FY24. Here's why

Maruti Suzuki on Monday said that its production volume in the current fiscal could likely get hit due to unpredictability in the availability of electronic components, PTI reported. The company informed that shortage of such components had also impacted its production in the last financial year. In the fiscal year 2022-23, the carmaker produced a record 19.22 lakh units.

However, the OEM fell short of its target of taking the overall production to 20 lakh units in the last fiscal. In a regulatory filing, the company said, "As the supply situation of electronic components continues to be unpredictable, it might have some impact on the production volume in FY 2023-24 as well."

Last month, the company's total production, including passenger vehicles and light commercial vehicles, stood at 1,54,148 units, which was down 6% from 1,63,392 units in the year-ago period. The company's production of total passenger vehicles declined to 1,50,820 units last month as compared with 1,59,211 units in March of 2022.

Production of its mini and compact segment cars declined to 1,08,001 units last month from 1,09,676 units in March of 2022 while the production of utility vehicles declined to 29,440 units last month as compared with 36,249 units in the corresponding month a year ago. Similarly, manufacturing of the company's light commercial vehicle Super Carry dipped to 3,328 units in March as against 4,181 units in the year-ago period.

Coming to sales figures, the auto OEM posted its highest-ever sales of 19,66,164 units in FY22-23. It sold 1,70,071 units last month, including 1,36,787 units sold in the domestic market, 3,165 units sold to other OEMs and 30,119 units shipped to overseas markets. Maruti Suzuki sold the most number of compact vehicles which include Baleno, Celerio, Ignis, Tour S, Swift and Dzire.