Maruti Suzuki’s Profit Skyrockets 33% in Q3FY24, Hits ₹3,130 Crore Amidst SUV Surge and Robust Sales Growth

Maruti Suzuki's Q3FY24 net profit soared 33% to ₹3,130 crore, driven by strong SUV demand. Revenue rose 14.68% to ₹33,308.7 crore. Vehicle sales increased 7.57%, with 501,207 units sold despite a slow, small car market, boosting domestic sales by 6.3%.
Maruti Suzuki Q3 33% Profit Jump, SUVs Drive Sales Surge

Maruti Suzuki, India’s leading car manufacturer by sales, reported a significant 33% increase in its standalone net profit for the third quarter of FY24, reaching ₹3,130 crore, up from ₹2,351.3 crore in the same period last year. This growth is attributed to the robust demand for its SUVs. The company’s standalone revenue also saw a notable rise of 14.68% in Q3FY24, reaching ₹33,308.7 crore compared to ₹29,044.3 crore year-over-year.

During the December quarter, Maruti Suzuki witnessed a 7.57% increase in vehicle sales, selling 501,207 units compared to 465,911 units in the same quarter of the previous year. Despite a sluggish performance in the small car segment, the firm’s domestic market sales grew 6.3% to 429,422 units from 403,929 units year-over-year.

A significant highlight for the company was recording its highest-ever quarterly exports, with 71,785 units in Q3FY24, a 15.8% increase from 61,982 units year-over-year. Maruti Suzuki also achieved a new milestone in 2023 by surpassing annual sales of 2 million units for the first time.

The company’s EBITDA for the quarter ending December 2023 rose by 38% to ₹3,908 crore, up from ₹2,833 crore year-over-year. Additionally, the EBITDA margin improved by 190 basis points to 11.7% from 9.8%, driven by lower commodity prices, better capacity utilization, cost reduction efforts, and increased realization.

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As of 2:05 pm, shares of Maruti Suzuki were trading at ₹10,160.00 on the BSE, marking a 2.04% increase.

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