Maruti Suzuki's Q2 results show 80% YoY net profit growth
India's leading passenger carmaker Maruti Suzuki announced a remarkable standalone net profit of Rs. 3,716.5 crore, for the quarter ending September 2023. This marks an 80.28% increase from the Rs. 2,061.5 crore net profit during the same period last year. The rise is attributed to higher non-operating income, reduced commodity costs, enhanced net sales, and cost-saving measures, the company highlighted in its exchange filing.
Standalone revenue witnessed 23.8% growth
In Q2 FY24, Maruti Suzuki's standalone revenue experienced a 23.8% growth, reaching Rs. 37,062.1 crore from Rs. 29,930.8 crore YoY. The company sold a total of 5,52,055 vehicles in the quarter, including 4,82,731 units in domestic sales and 69,324 cars exported. This is a notable increase from last year's sales during the same quarter, which totaled 5,17,395 units with 4,54,200 domestic sales and 63,195 exports.
The company's operational performance improved
Maruti Suzuki's operational performance saw improvement as earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed by 72.8% to Rs. 4,784 crore from Rs. 2,768 crore. Furthermore, EBITDA margin grew by 360 basis points (bps) to 12.9% from 9.3% YoY. Maruti Suzuki attributed this margin movement to factors such as better realization, easing commodity prices, cost-cutting efforts, increased sales volume leading to improved capacity utilization, and a rise in non-operating income.
Maruti Suzuki recorded new highs in H1 FY2023-2024
Maruti Suzuki's exchange filing revealed that the company achieved all-time highs in half-yearly sales volume, net sales, and net profit during H1 FY2023-2024. The company sold a total of 1,050,085 units during this period, a 6.6% increase over H1 FY2022-23, with 9,17,543 units sold domestically and 1,32,542 units exported. Following the strong Q2 earnings, Maruti Suzuki's share price rose nearly 3%, reaching a new high.
