Maruti Suzuki India, the leading car manufacturer in the country based on sales reported net profit of Rs 3,130 crore, up 33% YoY from Rs 2,351.3 crore for same quarter last fiscal. Maruti’s Q3 net sales came in at Rs 31,860 crore, up from Rs 27,849.20 crore in Q3FY23. Strong demand for SUVs helped Maruti post strong Q3 profit.
The company has sold a total of 501,207 vehicles during the quarter with the domestic market accounting for sales of 429,422 units in the domestic market. The auto major also exported 71,785 cars, its highest-ever in any quarter. The same period in the previous year saw total sales of 465,911 units comprising 403,929 units in the domestic market and 61,982 units in exports.
Sales in the domestic market rose 8% YoY but slipped 9% sequentially to 501,207 units in Q3FY24. Interestingly the company crossed the annual sales milestone of 2 million units for the first time in CY23.