Maruti Suzuki reports record sales of over 2 million units
Maruti Suzuki, a leading figure in India's automotive industry, recently announced its record-breaking sales of over two million units in the fiscal year 2024. This achievement has further cemented the company's position, as India's top passenger vehicle exporter for the third consecutive year. The company reported total earnings from sales in Q4 FY24 at ₹36,697.5 crore, marking a significant increase from ₹30,821.8 crore, during the same period in the previous fiscal year.
Net profit rose by 47.8%
Maruti Suzuki disclosed a significant 47.8% increase in net profit, amounting to ₹3,877.8 crore in comparison to ₹2,623.6 crore in the same period last fiscal year. The company's board proposed a dividend of ₹125 per stock, marking the highest-ever dividend by the firm, and an increase from the dividend of ₹90 per share in FY23. "The Board has recommended a dividend as mentioned in the notes to the financial results enclosed as Annexure- "A"," stated a release by Maruti Suzuki.
Records for annual sales volume and exports
In the fiscal year 2023-24, Maruti Suzuki set new records for annual sales volume, net sales, exports, and net profit. The firm retailed a total of 2,135,323 vehicles throughout the fiscal year, marking an 8.6% growth over FY2022-23. Domestic sales volume touched 1,852,256 units, while exports stood at 283,067 units. The company has been exporting vehicles since 1987, and currently accounts for nearly 40% of India's total vehicle exports.
Maruti Suzuki's stocks have yielded a return of 50%
Maruti Suzuki recently celebrated the production of over three crore car units in India. Over the past year, the company's shares have yielded a return of approximately 50% on the National Stock Exchange. The shares closed at ₹12,760 per stock in Friday's trading session. This milestone and strong share performance underscore Maruti Suzuki's significant role in India's automotive industry, and its continued growth trajectory.
