Maruti Suzuki Q2 results: Profit surges 80.3% to Rs 3,717 cr, beats Street estimates; stock up

Maruti Suzuki India Ltd on Friday reported highest-ever quarterly sale volume, net sales and net profit in the September quarter. The largest carmaker in India said its profit for the quarter grew 80.3 per cent year-on-year (YoY) to Rs 3,716.5 crore compared with Rs 2,061.5 crore in the corresponding quarter last year. The profit growth print beat analyst estimates of up to 70 per cent growth.

Maruti Suzuki said its net sales for the quarter rose 24.5 per cent YoY to Rs 35,535.10 crore against Rs 28,543.50 crore in the same quarter last year, thanks to higher sales volume and product mix. This was in line with brokerage estimates. Operating Ebit for the quarter was up 95 per cent YoY at Rs 3,990.10 crore against Rs 2,046.30 crore YoY.

Following the results announcement, shares of Maruti Suzuki India climbed 3.20 per cent to Rs 10,759.65 level on BSE.

During the quarter, Maruti Suzuki sold 5,52,055 vehicles. Sales in the domestic market stood at 482,731 units while exports stood at 69,324, the automobile major said. The same period in the previous year had seen total sales of 5,17,395 units, comprising 4,54,200 units in domestic and 63,195 units in export markets.

Maruti Suzuki said its sales for the first half of FY24 stood at Rs 66,380 crore compared with Rs 53,830 crore in the comparable period last year. The auto giant made a net profit of Rs 62,01 crore in in H1FY2024 against Rs 3,074 crore in H1FY2022-23.

Also read: Hot stocks on October 27, 2023: Vedanta, Adani Power, Vodafone Idea, RVNL, Swan Energy and more            

Also read: Bajaj Finserv shares rise after 24% jump in Q2 profit