Maruti Suzuki posts record high quarterly and half-yearly sales and profits in FY 2023-24
Maruti Suzuki India Limited marked a remarkable achievement in the automotive industry by announcing its highest-ever quarterly sales, net sales, and net profit for Q2 (July-September) FY 2023-24. The company’s financial results, approved by its Board of Directors, showcased a substantial growth trajectory. In the mentioned quarter, a striking sale of 552,055 vehicles was recorded, marking an increase from the total sales of 517,395 units in the same period last year. Notably, domestic sales accounted for 482,731 units, while exports contributed 69,324 units.
Impressive Net Sales and Profit Increase
The financial highlights include an impressive rise in net sales, reaching INR 355,351 million, a significant leap from INR 285,435 million in the same quarter of the previous year. This growth was primarily driven by an increase in sales volume and a strategic product mix. Net profit for the quarter showed a remarkable 80.3% increase, scaling up to INR 37,165 million, compared to INR 20,615 million in Q2 FY 2022-23. Factors contributing to this upsurge included heightened net sales, softening commodity prices, diligent cost reduction efforts, and an increase in non-operating income.
Unprecedented Half-Yearly Performance in FY 2023-24
The first half of FY 2023-24 (H1) also mirrored this growth pattern, where Maruti Suzuki recorded its highest-ever half-yearly sales volume, net sales, and net profit. Vehicle sales during this period rose to 1,050,085 units, up by 6.6% compared to H1 FY 2022-23, with domestic sales of 917,543 units and exports standing at 132,542 units. Net sales in H1 FY 2023-24 soared to INR 663,803 million, marking a noticeable increase from INR 538,298 million in the previous year. Furthermore, the net profit almost doubled to INR 62,016 million in H1 FY 2023-24, compared to INR 30,743 million in the same period last year.
Maruti Suzuki’s remarkable performance in FY 2023-24 underscores its leading position in the automotive sector, reflecting its robust growth strategy and resilience in a dynamic market environment.