© Reuters.
Maruti Suzuki India reported a record-breaking third quarter for the July-September period, with an 80.3% surge in net profit to Rs 3,716.5 crore ($498 million). The significant increase is attributed to robust sales, easing commodity prices, successful cost-cutting measures, and a rise in non-operating income. This compares favorably to the second quarter of FY23 when the net profit was Rs 2,061.5 crore ($276 million).
The company’s net sales also experienced a substantial rise, reaching Rs 35,535.1 crore ($4.76 billion), up from Rs 28,543.50 crore ($3.82 billion) in the same period last fiscal year. This quarter saw Maruti Suzuki sell a total of 552,055 vehicles, its highest-ever quarterly sale volume. Domestic sales accounted for 482,731 units while exports made up 69,324 cars.
Following the announcement of these impressive Q3 results, Maruti Suzuki’s shares hit a new record peak of Rs 10,846.10 before trading at Rs 10,795.10 per share later in the day. Revenues for the quarter surged nearly 24% to Rs 37,062 crore ($4.96 billion) from Rs 29,930 crore ($4 billion) in the previous year.
EBITDA experienced a substantial growth of 73%, reaching Rs 4,784 crore ($640 million), while margins increased by 360 basis points to hit 12.9%. The company’s market valuation stood at Rs 3,24,737.57 crore ($43.5 billion), reflecting its highest-ever quarterly figures in sales volume, net sales and net profit.
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