Maruti Suzuki Q3 profit zooms 33% to ₹3,130 cr

The country's largest passenger cars & utility vehicles seller Maruti Suzuki India Ltd has reported a net profit of ₹3,130 crore for the October-December quarter of FY2023-24, an increase of 33.1% over ₹2,351.3 crore in Q3 FY2022-23.

During the quarter, the company registered a net sales of ₹31,860 crore against ₹27,849.2 crore in the same period of the previous year.  

The company says it sold a total of 50,1207 vehicles during the quarter. "Despite the small car segment continuing to be subdued, the company registered sales of 429,422 units in the domestic market," says Maruti Suzuki. 

The company exported 71,785 cars, its highest ever, in any quarter. The same period in the previous year saw total sales of 465,911 units comprising 403,929 units in the domestic market and 61,982 units in exports. 

For nine months ending April-December 2023-24, the company made a net profit of ₹9,331.6 crore, 72% higher than the net profit of ₹5,425.6 crore registered in 9M FY2022-23.  

The company registered net sales of ₹98,240 crore in 9M FY2023-24, a growth of 20.3% over the net sales of ₹81,679 crore recorded in 9M FY2022-23.

The company sold a total of 1,551,292 units during the period, a growth of 6.9% over 9M FY2022-23. Sales in the domestic market stood at 1,346,965 units and exports at 204,327 units. 

The company says it recorded its highest-ever nine-monthly sales volume, net sales and net profit in this fiscal year.

Besides, the Maruti Suzuki India board, at its meeting held today, approved the appointment of Kazunari Yamaguchi as a whole-time director designated as director (production) for three years, with effect from February 1, 2024, till 31st January 2027. To seek approval of the appointment, the board has fixed Friday, the 9th of February 2024, as the cut-off date to determine shareholders' eligibility to cast votes via e-voting. 

Shares of Maruti Suzuki are trading 2.18% up at ₹10,174.60 on the BSE today.

In a blow to Maruti Suzuki, rival Tata Motors has overtaken the carmaker in market capitalisation to become the country's most valued automaker. The Nexon.ev and Punch.ev maker's market cap stood at ₹3.22 lakh crore on January 31, surpassing the ₹3.20 lakh-crore m-cap of Maruti Suzuki. Tata Motors' m-cap includes the value of its differential voting rights (DVR) shares at ₹29,119 crore. 

In the domestic electric vehicle market, Tata Motors holds the pole position with nearly 75% market share. EVs constitute 13-15% of its overall passenger vehicle sales in India. The carmaker is eyeing 50% of its wholesales to be electric by 2030.