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Honda Cars India records Rs 1430 crore profit in FY’23

Passenger vehicle segment posts highest-ever domestic sales of 3.9 million units.

Mumbai: Honda Cars India has recorded Rs 1430 crore profit after tax and has posted a 521 per cent jump in FY’23. The automobile brand had recorded Rs 230 crore profit after tax in FY’22, having remained in losses since 2020.

Honda Cars India posted a 14 per cent increase in revenues for FY '23 at Rs 14,439.71 crore, which was fuelled by increased exports and improved volumes in the domestic market. The highest-ever export volume of 22,764 units during the year 2022-23, registered a growth of approximately 17 per cent since last year.

The directors’ report stated that 2022-23 has been a year of consolidation, post-Covid. Although the year started again with supply chain disruption triggered due to geo-political factors, a mix of improved chip supplies, higher incomes and pent-up demand, especially for SUVs supported sales of vehicle manufacturers.

The financial report stated that the passenger vehicle segment posted the highest-ever domestic sales of 3.9 million units, surpassing the previous peak in 2018-19, and an annual growth of 27 per cent. Buying ahead of implementation of new RDE emission norms, and strong demand during the festival season also drove sales of passenger vehicles.

The report further stated that the Amaze’s sales grew by 33 per cent since last financial year and are one of the most preferred family sedans in India. The company had registered annual domestic sales of 91,418 units during FY '23 recording a growth of seven per cent over 85,609 units sold in the last financial year.

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