India's largest car marker Maruti Suzuki reported strong double-digit sales growth in June, selling 1.79 lakh units which was higher by 12.4 percent compared to a year ago.
The strong show in June was backed by a 57 percent year-on-year rise in total export sales at 31,033 units.
Shares of Maruti Suzuki were higher by 0.6 percent at 2:40pm, broadly in line with benchmark Sensex.
Maruti's total domestic Passenger Vehicle sales (PV) was at 1.37 lakh units, marginally higher compared to a year ago. This includes Utility Vehicles such as Brezza, Ertiga, Fronx, Grand Vitara and Jimny, hinting as stiff competition in the UV space, especially from M&M.
M&M's Investor Day presentation in June had shared plans to introduce six new SUVs by 2030, and a total of 23 launches by 2030. Investors have been very bullish on M&M stock given its promising growth outlook and a potential recovery in the farm equipment business for FY25. June also saw M&M and Tata Motors locked in an intense battle of market capitalisation, with M&M briefly overtaking Tata Motors to become India's second most valuable automobile company.
However, the mid-sized segment of sedans and compact cars found fewer takers in June this year compared to a year ago. This segment contract in June as well in Q1FY25, with both Alto and the S-Presso models selling less than 9,400 units in June 2024, as compared to 14,054 units a year ago. Sale of compact cars such as Baleno, Celerio, Dzire, Ignis, Swift and WagonR was also lower, at 64,049 units in June, compared to 64,471 units a ago.
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