Maruti Suzuki Q1 profit zooms 47% to ₹3,649 crore

Net profit of Maruti Suzuki India Ltd (MSIL) raced 46.9% year-on-year to ₹3,649 crore for the quarter ended June 30, 2024 compared with ₹2,485 crore in the year-ago period

The profit rose broadly on account of cost reduction efforts, favourable commodity prices and foreign exchange.

Revenue from operations rose 9.9% to ₹33,875 crore in the first quarter as against ₹32,327 crore in the corresponding quarter last fiscal.

India’s largest carmaker by volume sold a total of 521,868 vehicles during the quarter, higher by 4.8% compared to the same period previous year.

In the first quarter, the sales in the domestic market stood at 451,308 units, up by 3.8% over that in Q1 FY24. The export sales were at 70,560 units, a growth of 11.6% over Q1 FY24.

Shares of Maruti Suzuki rose 4% to hit an all-time high of ₹13,390 on the BSE.

The Japanese carmaker’s board in its meeting recommended the appointment of Anjali Bansal and Ireena Vittal as the independent directors in the forthcoming Annual General Meeting for a period of five years from August 28, 2024.

The board also recommended the re-appointment of Lira Goswami as an Independent Director in the forthcoming Annual General Meeting for a further period of five years.

Maruti Suzuki’s Grand Vitara’s crossed the 2-lakh sales milestone in just 23 months, making it the fastest mid-size SUV to reach this milestone in a record time.

“The introduction of the Grand Vitara has been pivotal for us in the SUV segment. This dynamic vehicle has truly demonstrated its excellence by becoming India’s fastest mid-SUV to surpass 2 lakh sales in just 23 months. The Grand Vitara has revolutionized its segment by inspiring customers to make sustainable choices with the Strong Hybrid,” says Partho Banerjee, senior executive officer, Marketing & Sales, Maruti Suzuki India.

“With a market share of 12% in Q1 FY24, the Grand Vitara has not only established our credentials in the hyperactive mid-SUV segment but has also played a crucial role in growing the segment,” Banerjee adds.

Maruti Suzuki sells only two hybrid cars — sport utility vehicle Grand Vitara and multi-purpose vehicle Invicto — both sourced from Suzuki's global partnership with Toyota.

Earlier this month, India's largest automaker expanded its warranty programmes for all its vehicles. The standard warranty has been extended to 3 years or 1,00,000 km (whichever comes first), up from 2 years or 40,000 km previously. Effective from July 9th, 2024, this enhanced coverage includes crucial components such as the engine, transmission, mechanical parts, electrical systems, and air conditioning, excluding consumables. Owners can avail free repairs at any Maruti Suzuki authorised service centre nationwide during the warranty period.