Shares of Maruti Suzuki India declined nearly 2 percent to Rs 12,577 in morning trade on May 2 after the automobile major reported that its mini cars and compact car sales witnessed a notable decline in April.
At 9:20 am, the counter was trading at Rs 12,593, down 1.8 percent from the previous close on the NSE. The shares have rallied 25 percent in the last three months.
Maruti reported total sales at 1,68,089 units in April, up 5 percent from the year-ago period but fell month-on-month. However, total domestic passenger vehicle sales gained marginally to 1,37,952 units compared to 1,37,320 units in the year-ago period.
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Sales of mini segment cars, comprising Alto and S-Presso, declined to 11,519 units as against 14,110 units in April 2023. Compact cars, essentially Baleno, Dzire, Celerio and Ignis, also slumped 24 percent to 56,953 in April from the year-ago period.
On the other hand, sports utility vehicles or SUVs like Brezza, Fronx, Grand Vitara, and Invicto sales jumped a healthy 54 percent in April.
India's largest four-wheeler OEM reported a 48 percent rise in net profit to Rs 3,878 crore for the fourth quarter ended March 31, 2024, on account of higher sales volume and favourable commodity prices.
In the entire financial year, the standalone net profit of the company surged by over 64 percent, reaching Rs 13,209 crore compared to Rs 8,049 crore in the previous year ending March 2023. Concurrently, its total revenue from operations witnessed a 20 percent rise, amounting to Rs 140,933 crore for the fiscal year ended March 2024, up from Rs 117,523 crore recorded in FY23.
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