Maruti Suzuki revealed a 46.9% year-over-year growth in standalone profit for the June quarter, coming in above the Street expectation of Rs 3,467 crore at Rs 3,650 crore.
Although revenue for the first quarter increased by 9.82% year over year to Rs 33,875 crore, it was less than the projected amount of Rs 34,770 crore.
Maruti Suzuki Announces 46.9% YoY Growth in Standalone Profit
Maruti’s margins for the quarter were 12.6%, higher than the ET Now poll’s prediction of 12%.
The company’s shares saw an almost 4% increase after the results beat, reaching a new record high of Rs 13,390 on the BSE.
According to a regulatory filing, the increase in profit was ascribed to foreign exchange, favorable commodity prices, and cost reduction initiatives.
Sales of cars increased by 4.8% to 521,868 during the quarter as compared to the same period last year.
451,308 units were sold in the domestic market, a 3.8% increase from Q1FY24.
Sales of goods exported totaled 70,560, an increase of 11.6% over Q1FY24.
The softening of commodity prices, cost-cutting initiatives, advantageous operating leverage, and advantageous foreign exchange movement were all cited as reasons for the increase in margins.
Sequentially, there was a 5.9% decline in profit and a 7.7% decline in net sales.
Grand Vitara Becomes Fastest SUV To Breach 2 Lakh Sales In 23 Months
After barely 23 months, Maruti Suzuki India Limited has announced that the Grand Vitara has sold over 2 lakh units. This is a huge milestone. With this accomplishment, it becomes the fastest mid-size SUV to hit this benchmark, demonstrating its enormous market appeal.
In just 23 months, the Grand Vitara has sold over 2 lakh units, setting a new record.
The SUV boasts segment-leading features, a commanding presence on the road, well-thought-out interiors, and fuel-efficient drivetrains.
The Grand Vitara has made a substantial contribution to the expansion of the mid-SUV class, with a market share of 12% in Q1 FY25.
