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Maruti Suzuki India, the largest passenger car manufacturer in the country, reported a standalone net profit of ₹2,485.1 crore in the quarter ended June 2023. The company’s net profit jumped by a robust 145% as compared to ₹1,012.8 crore in the same quarter last year.
Larger Sales Volume and Cost Reduction Efforts Drive Maruti Suzuki India’s Net Profit
- The company’s net profit increased by 145% YoY
- Standalone revenue in Q1FY24 grew 22% to ₹32,326.9 crore
Sequential Decline in Net Profit
This was on account of larger sales volume, improved realization, cost reduction efforts and higher non-operating income.
The company’s net profit declined sequentially from ₹2,623.6 crore in the March quarter.
Sales Performance
- Total vehicles sold: 498,030 vehicles during the quarter, a 6.4% increase YoY
- 434,812 units sold in the domestic market, a 9.1% increase YoY
- Export sales were at 63,218 units, a decline from 69,437 units in Q1FY23
Operational Performance and Strategic Move
- Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 56% to ₹2,983.1 crore
- EBITDA margin expanded by 200 basis points (bps) to 9.2%
- Maruti Suzuki India approved termination of contract manufacturing agreement and acquisition of 100% shares of Suzuki Motor Gujarat Pvt Ltd (SMG)
Future Growth Plan
“With the growth of the Indian car market and export potential, Maruti Suzuki India Ltd (MSIL) would need to increase its production capacity to about 4 million cars per annum by 2030-31, almost double from current levels,” the company said.
Maruti Suzuki Share Price
On Monday, Maruti Suzuki share price ended 1.42% higher at ₹9,806.25 apiece on the BSE.
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