Maruti Suzuki reported a net profit of Rs 3,877.8 crore in Q4 of FY24, up 47.8% against Rs 2,623.6 crore it posted in the quarter ending March of FY23 due to higher sales volume, favourable commodity prices, cost reduction efforts, and higher non-operating income.
The company’s revenue from operations stood at Rs 38,234.9 crore in Q4 of FY24 against Rs 32,048 crore it recorded in Q4 of FY23.
The passenger vehicle market leader sold a total of 2,135,323 vehicles in FY24, a growth of 8.6% over that in FY23. Sales volume in the domestic market stood at 1,852,256 units and exports came in at 283,067 units. For Q4, the sales stood at 505,291 units, up by 12.2% YoY. Exports came in at 78,740 units, a growth of 21.7% YoY over 64,719 units exported in Q4FY23.
Addressing the media soon after the results announcement, RC Bhargava, Chairman-Maruti Suzuki said, that the company has “registered the highest-ever annual sales volume, exports, net sales and net profit with annual sales volume surpassing 2 million units. Maruti has been the top exporter of passenger vehicles in India for the 3rd consecutive year.”
Bhargava added that “expansion at the Kharkhoda plant is in full swing and the first line is expected to be operational before the end of this financial year FY25.”