India's largest four-wheeler major, Maruti Suzuki, is confident of achieving its goal of exporting 300,000 units by the end of the fourth quarter, as export recovery looks positive for the company.
To be sure, the company reported a growth of 11.6 percent year-on-year to 70,560 units and captured a 40 percent share of India's total passenger vehicle exports in the first quarter.
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"The growth in regions such as the Middle East, Latin America, and Africa has been positive, and all three zones are at a high," the Maruti Suzuki management said in a post-results earnings call on July 31. Interestingly, the Jimny has become the largest exported model in Q1, followed by Dzire, Baleno, Fronx, and Grand Vitara.
The SUV major's net profit grew 46.9 percent year-on-year to Rs 3,650 crore, beating market expectations, as cost reduction efforts, favorable commodity prices, and foreign exchange gains boosted its bottom line. Its Profit After Tax (PAT) during the same period last year stood at Rs 2,485.1 crore.
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During the quarter, Maruti Suzuki sold a total of 521,868 vehicles, an increase of 4.8 percent compared to the same period the previous year. Its sales in the domestic market during the same period stood at 451,308 units, up by 3.8 percent over Q1FY24. Its export sales stood at 70,560 units, a growth of 11.6 percent over Q1FY24.
Maruti declared results just minutes before the trading session closed and saw a sharp uptick. Maruti shares closed almost 4 percent higher at Rs 13,375. The shares have rallied 31 percent in the last six months.
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