Maruti Suzuki Reports Impressive Q3 Results: Net Profit Surges 33%

New Delhi: Maruti Suzuki, India’s leading car manufacturer, has posted strong financial results for the third quarter of the fiscal year 2023. The company’s standalone net profit soared by 33% year-on-year to reach Rs 3,130 crore, driven by various factors including lower commodity prices, improved operational efficiency, and increased revenue.

The total revenue from operations surged by 15% year-on-year to Rs 33,309 crore, with net sales witnessing a notable increase of 14% to Rs 31,860 crore during the same period. Maruti’s robust performance was further highlighted by a 38% jump in earnings before interest, taxes, depreciation, and amortization (Ebitda) to Rs 3,908 crore, accompanied by an expansion in operating margin to 11.73%.

In terms of sales volume, Maruti recorded a 7% year-on-year growth, with a total of 5,01,207 units sold in Q3 FY24. Notably, the company achieved its highest-ever quarterly export figures, shipping out 71,785 units. Moreover, Maruti saw a significant increase in the average selling price (ASP) of its vehicles, which grew by 6% year-on-year to Rs 6,35,665 in the December quarter.

During the nine-month period from April to December 2023, Maruti continued its strong performance, capturing a share of nearly 21% in the SUV segment. The company’s SUV lineup, including models like the Fronx, Brezza, Jimny, and Grand Vitara, contributed significantly to its success.

Maruti also achieved a major milestone in 2023 by surpassing annual sales of 20,00,000 units for the first time in a calendar year, reaching a total of 20,66,219 units. Additionally, the company reported its highest-ever annual exports, exceeding 2,69,000 units.

The quarter also witnessed strategic developments for Maruti, including the approval of the acquisition of Suzuki Motor Gujarat (SMG) from Suzuki Motor Corporation (SMC) for a total purchase consideration of Rs 12,841.1 crore.

Maruti Suzuki’s impressive performance in Q3 FY24 underscores its resilience and ability to navigate challenges while maintaining a strong growth trajectory in the competitive automotive market.