Maruti Suzuki's Q3 profit soars 33% to Rs. 3,130 crore
Maruti Suzuki announced a 33% surge in its Q3 FY24 standalone net profit, reaching Rs. 3,130 crore compared to Rs. 2,351.3 crore during the same period last year. This impressive growth is mainly attributed to the high demand for the company's sport utility vehicles. Standalone revenue from operations also experienced a 14.68% YoY increase, totaling Rs. 33,308.7 crore. At the time of writing, Maruti Suzuki shares were trading at Rs. 10,203.50, which marked a 2.5% increase since yesterday.
Maruti Suzuki's EBITDA increases by 38%
Maruti Suzuki's earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter ending December 2023 jumped by 38% to Rs. 3,908 crore from Rs. 2,833 crore YoY. In Q3, the company sold 501,207 vehicles, a growth of 7.57% YoY. It also recorded its highest-ever quarterly exports during Q3FY24 at 71,785 units, up from 61,982 vehicles last year. In the calendar year 2023, Maruti Suzuki crossed the two million annual sales milestone for the first time ever.
Maruti Suzuki's stiff competition with Tata Motors
Yesterday, Tata Motors surpassed Maruti Suzuki in terms of market capitalization. Tata Motors is presently India's most valuable automobile company with a m-cap of over Rs. 3.24 lakh crore while Maruti Suzuki's m-cap is Rs. 3.15 lakh crore. While Maruti Suzuki is seeing great demand for its SUV and CNG models, it currently doesn't have any EV in its lineup. On the other hand, Tata Motors dominates the EV market in India with a market share of over 70%.
