Maruti Suzuki India reported a 33 percent jump in its standalone net profit for the third quarter of FY24 at Rs 3,130 crore from Rs 2,351.3 crore in the year-ago period. The company’s standalone revenue from operations in Q3FY24 increased 14.68 percent to Rs 33,308.7 crore from Rs 29,044.3 crore, YoY, as per reports.
For the first time, Maruti Suzuki crossed annual sales milestone of 2 million units in calendar year 2023.
Maruti Suzuki sold a total of 501,207 vehicles during the December quarter. This amounted to a growth of 7.57 percent from 465,911 units sold in the same period of the previous year.
Despite the small car segment continuing to be subdued, the company’s sales in the domestic market increased 6.3 percent to 429,422 units from 403,929 units, YoY.
The company reported its highest-ever exports in any quarter during Q3FY24 at 71,785 units, up by 15.8 percent from 61,982 units, YoY.
EBITDA margin improved by 190 basis points (bps) to 11.7% from 9.8% YoY, led by softening of commodity prices, improved capacity utilisation, cost reduction efforts and improved realization.