Country’s largest carmaker Maruti Suzuki India Limited on Friday reported a growth of 78.2% in its consolidated profit after tax (PAT) at INR 3764.3 crore during the July to September 2023 period. The company’s net profit stood at INR 2112.5 crore in the corresponding period last year. Its revenue from operations during Q2 FY24 was at INR 37,902 crore as against INR 30,541 crore in Q2 FY23.
During the quarter 5.52 lakh vehicles were sold. Sales in the domestic market were 4.82 lakh units while 69,324 cars were exported. The same period in the previous year had seen total sales of 5.17 lakh units comprising 4.54 lakh units in domestic and 63,195 units in export markets.
During the quarter, the Company registered net sales of INR 355,351 million against INR 285,435 million in the same period the previous year owing to higher sales volume and product mix.
The net profit for the quarter was INR 37,165 million, an increase of 80.3% over INR 20,615 million in Q2FY 2022-23. This was on account of higher Net Sales, softening of commodity prices, cost reduction efforts and higher non-operating income.
According to Maruti Suzuki, key reasons for margin movement include improved realization, softening of commodity prices, cost reduction efforts, relatively better sales volume leading to improved capacity utilisation and higher non-operating income. However, it sees higher sales promotion expenses and higher depreciation expenses as the negative factors.
In the first half of the financial year 2023-24, the company sold a total of 10.50 lakh units, a growth of 6.6% over H1 FY 2022-23. Sales in the domestic market stood at 9.17 lakh units and exports at 1.32 lakh units.
The Company registered net sales of INR 663,803 million in H1FY2023-24 as compared to INR 538,298 million in H1FY2022-23. The Company made a net profit of INR 62,016 million in H1FY2023-24 as against INR 30,743 million in H1FY2022-23.
