Maruti Suzuki India, the country’s largest carmaker, has announced a remarkable 48 percent surge in its net profit to Rs 3,878 crore for the fourth quarter ending March 31, 2024. The substantial increase in profit is attributed to higher sales volume and favorable commodity prices, reflecting the company’s strong performance in a challenging economic environment.
During the three-month period, Maruti Suzuki recorded a revenue of Rs 38,235 crore, underscoring its robust sales momentum and market leadership. The company also declared its highest-ever dividend of Rs 125 per share, reflecting its commitment to creating value for shareholders.
Commenting on the impressive performance, a spokesperson for Maruti Suzuki stated, “For the first time, the company surpassed the annual total sales milestone of 2 million units in FY24. Additionally, Maruti Suzuki continued to be the top exporter for the third consecutive year, now contributing 41.8 percent of total passenger vehicle exports from India.”
Looking ahead, Maruti Suzuki is optimistic about its overseas shipments, with plans to cross 3 lakh units in FY25. The company aims to scale up its exports to achieve a target of up to 8 lakh units by 2030, demonstrating its ambitious growth trajectory in international markets.
RC Bhargava, Chairman of Maruti Suzuki, expressed confidence in the business environment in the country, stating, “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 its manufacturing capability at its Manesar plant in Haryana by 1 lakh units per year, increasing the total capacity to 9 lakh vehicles per year at the unit. This strategic expansion reflects the company’s commitment to meeting the growing demand for its vehicles in the domestic and international markets.
Despite the stellar performance, Maruti Suzuki’s shares on the BSE closed trading 1.26 percent lower at Rs 12,760 apiece on April 26. Analysts had projected a profit of Rs 3,916 crore on revenue of Rs 38,772 crore, according to the average of nine brokerage estimates.
In response to market dynamics, Maruti Suzuki implemented price hikes across models in January and April, reflecting its proactive approach to managing costs and maintaining profitability in a dynamic operating environment.
Maruti Suzuki‘s impressive financial performance and strategic initiatives underscore its position as a market leader in the automotive industry, driving growth and innovation in India’s dynamic automotive landscape.
