Maruti Suzuki's net profit in March quarter up y-o-y by 48%

29 Apr 2024 , 11:43 AM

Maruti Suzuki India announced a 48% increase in net profit to ₹3,878 Crore for the fourth quarter ended March 31, 2024, driven by higher sales volume and favourable commodity prices. The company’s profit after tax (PAT) during the same period of the previous year was ₹2,624 Crore.

The country’s largest automaker earned ₹38,235 Crore in the three months ending March 31, 2024. The business also declared highest-ever dividend of ₹125 per share.

The New Delhi-based company, which has a broader product line including the Baleno, Swift, Jimny, Grand Vitara, and Invicto, announced a Q4FY24 sales volume of 584,031 units compared to 514,927 units in the previous corresponding period, or a 13% increase.

For the entire fiscal year, the company’s standalone net profit increased by more than 64% to ₹13,209 Crore, up from ₹8,049 Crore the previous year ending March 2023. Its overall revenue from operations increased by about 20% to ₹140,933 Crore in the fiscal year ending March 2024, compared to ₹117,523 Crore in FY23.

For the first time, the company exceeded the annual total sales milestone of 2 million units in FY24. The company continued to be the top exporter for the third consecutive year, now contributing 41.8% of total passenger vehicle exports from India, Maruti Suzuki said in a statement.

Domestic volumes for the automaker were 505,291 units, a 12% increase year on year. Exports totaled 78,740 units, up 22% YoY.

Maruti Suzuki is sure that its foreign sales will exceed 300,000 units in FY25 as it ramps up to fulfill its export target of up to 800,000 units by 2030.

At around 11.31 AM, Maruti Suzuki was trading 0.50% lower at ₹12,639 per piece, against the previous close of ₹12,703.35 on NSE. The counter touched an intraday high and low of ₹12,994.80 and ₹12,603, respectively.

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