Maruti Suzuki India, on Friday reported a 48 percent rise in its 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. The company’s profit after tax (PAT) during the corresponding period last year stood at Rs 2,624 crore.
The country's largest carmaker registered a revenue of Rs 38,235 crore in the three months ended March 31. Additionally, the company declared its highest-ever dividend of Rs 125 per share.
Analysts had projected a profit of Rs 3,916 crore on a revenue of Rs 38,772 crore, according to the average of nine brokerage estimates.
The New Delhi-headquartered firm, which has a wider portfolio of products such as the Baleno, Swift, Jimny, Grand Virara and Invicto, reported a Q4FY24 sales volume of 584,031 units against 514,927 units in the year-ago period, recording a 13 percent jump.
For the entire financial year, the company’s standalone net profit went up by over 64 percent to Rs 13,209 crore as against Rs 8,049 crore during the previous year ended March 2023. Its total revenue from operations went up by nearly 20 percent to Rs 140,933 crore in the year ended March 2024 as compared to Rs 117,523 crore during FY23.
“For the first time, the company surpassed 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 percent of total passenger vehicle exports from India,” Maruti Suzuki said in a statement.
The carmaker's domestic volumes stood at 505,291 units, 12 percent higher on a year-on-year (YoY) basis. The exports stood at 78,740 units, up 22 percent YoY.
Maruti Suzuki is confident of its overseas shipments crossing 300,000 units in FY25 as it scales up to meet the export target of up to 800,000 units by 2030.
Chairman RC Bhargava was upbeat about the business environment in the country and said, "I strongly believe that the new government which is coming up in less than two months will propel the economy to phenomenal levels."
Maruti Suzuki has recently expanded the manufacturing capability at its Manesar plant in Haryana by 100,000 units per year, taking the total capacity to 900,000 vehicles per year at the unit.
The New Delhi-headquartered company has revealed that it has already surpassed annual total sales milestone of 2 million units in FY24. Furthermore, it has continued to be the top exporter for the 3rd consecutive year, now contributing 41.8 percent of total passenger vehicle exports from India.
On April 26, Maruti Suzuki's shares on BSE closed trading 1.26 percent lower at Rs 12,760 apiece.
In January, Maruti Suzuki hiked prices by up to 0.45 percent across models. On April 10, a second hike followed with the raising prices on Swift and select variants of Grand Vitara Sigma by up to Rs 25,000.
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