Maruti Suzuki Q3FY24 result: Highlights a 14.56% upswing in revenue from operations, reaching Rs 33,512.8 crore.
India’s leading car manufacturer, Maruti Suzuki India Ltd, reported a notable 33.27% surge in its net profit for the quarter ending on December 31, 2023, reaching Rs 3,206.8 crore compared to Rs 2,351.3 crore in the previous year (Maruti Suzuki Q3FY24 result).
This impressive growth is attributed to robust demand in its sport utility vehicles (SUVs) segment. The company’s revenue from operations also experienced a substantial increase of 14.56%, totaling Rs 33,512.8 crore (Maruti Suzuki Q3FY24 result). Furthermore, Maruti Suzuki’s net sales rose by 14.4% to Rs 31,860 crore from Rs 27,849.2 crore in the corresponding period earlier.
Consumers typically engage in significant spending on major purchases during the festive season, which encompassed a substantial portion of the third quarter last year.
The heightened demand for higher-priced SUVs, including models like Grand Vitara and Brezza, played a pivotal role in augmenting Maruti’s overall sales volumes. The company witnessed a notable 7.6% increase, reaching a total of 501,000 units, according to its monthly sales data.
Sales of small cars, including models such as Alto and Baleno, experienced a persistent decline throughout the year, extending into the December quarter.
This downturn was influenced by heightened inflation, which restrained spending in rural areas—the primary consumer demographic for this segment (Maruti Suzuki Q3FY24 result).
Additionally, a reduction in wholesales of small cars in December, which includes sales to dealerships, also contributed to the decline in this market segment.
In a separate development, Maruti Suzuki approved the appointment of Kazunari Yamaguchi as a full-time director with the designation of Director (Production). This appointment is effective from February 1, 2024, and will be valid until January 31, 2027.
As of 2:15 pm on Wednesday, the shares of Maruti Suzuki witnessed a 2.36% increase, reaching Rs 10,186.9.
