Bengaluru: Maruti Suzuki registered a 46.87 per cent year-on-year (YoY) increase in net profit to Rs 3,649.9 crore in the first quarter of the current fiscal, up from Rs 2,485.1 crore in the corresponding period last year. This was broadly on account of cost reduction, due to favourable commodity prices and foreign exchange, the company said in a corporate filing on Wednesday.
During the investor conference call, Maruti Suzuki India's (MSI) Executive Director of Corporate Affairs, Rahul Bharti, stated that the benefits of favorable commodity prices and foreign exchange rates were partly offset by increased discounts. The average discount per vehicle rose to Rs 21,700 in the first quarter, up from Rs 14,500 in the fourth quarter of previous fiscal.
Maruti Suzuki's rural sales continue to surpass urban sales, which has been happening for a long time now. The customers acceptance for the CNG vehicles continues to increase and in the Q1 of FY25 every one in three cars sold by the company in the domestic market was the CNG vehicle. MSI is poised to meet its fiscal target of 6 lakh vehicle sales, Bharti added
Overall, in the period under review, Maruti Suzuki reported a 4.8 per cent YoY increase in total vehicle sales, reaching 521,868 units. Domestic sales grew by 3.8 per cent YoY to 451,308 units, while export sales rose by 11.6 per cent YoY to 70,560 units.
In Q1 of the current fiscal, the company earned a revenue of Rs 33,875 crore from the net sales compared to Rs 30,845 crore in the first quarter of the previous fiscal.
Moreover, the company recorded an inventory gain of Rs 895.2 crore during the quarter compared to Rs 99.6 crore in the year-ago period.
Earnings before interest and tax stood at Rs 3,771.3 crore, up by 68.7 per cent compared to the Rs 2,235.5 crore in the corresponding period of the previous fiscal. The operating profit for the quarter expanded by nearly 390 basis points, reaching 11.1 per cent compared to 7.2 per cent in the same quarter the previous year.
Published 31 July 2024, 10:57 IST