Maruti Suzuki India, the country's largest car manufacturer, clocked a net profit of Rs 3,877.8 crore for the March quarter (Q4), marking a 47.8 per cent increase compared to the same period last year. The increase in profit was attributed to higher sales volume and favourable commodity prices. The company exceeded the milestone of 2 million units in total annual sales for the first time in fiscal year 2023-24. In the previous year, the net profit was Rs 2,623.6 crore.
For the full fiscal year 2023-24, Maruti Suzuki reported a net profit of Rs 13,209.4 crore, a 64 per cent increase over Rs 8,049.2 crore in FY23. This was driven by higher sales volume, favourable commodity prices, cost reduction efforts, and increased non-operating income, as stated in a regulatory filing.
Maruti Suzuki continued to dominate as the top exporter for the third consecutive year, accounting for 41.8 per cent of total passenger vehicle exports from India. The company sold a total of 21,35,323 vehicles during the year, an 8.6 per cent increase over FY23. Domestic market sales reached 18,52,256 units, while exports totalled 2,83,067 units.
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Net sales for the fiscal year stood at Rs 1,34,937.8 crore, a 19.9 per cent increase from Rs 1,12,500.8 crore in FY23.
In the fourth quarter, Maruti Suzuki sold 5,84,031 vehicles, a 13.4 per cent increase over the same period the previous year. Domestic market sales reached 5,05,291 units, while export market sales stood at 78,740 units, marking a 21.7 per cent increase from the March quarter of FY23.
Net sales for the quarter amounted to Rs 36,697.5 crore, up from Rs 30,821.8 crore in the same period the previous year.
The company's Board of Directors recommended a record dividend of Rs 125 per share (face value of Rs 5 per share), up from Rs 90 per share in FY23.
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