Maruti Suzuki Q3 profit up 33% at Rs 3,207 Cr on higher sales

Maruti Suzuki India on Wednesday reported 33% increase in consolidated net profit at Rs 3,207 crore for the third quarter ended December 31, 2023, on account of higher sales.

The company had posted a net profit of Rs 2,406 crore for the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing.

Total revenue from operations was up 15% at Rs 33,513 crore as compared with Rs 29,251 crore in the year-ago period, it added.

The country's largest carmaker sold a total of 5,01,207 vehicles during the period under review as compared with 4,65,911 units in October-December period of last fiscal, an increase of 8 per cent.

Despite the small car segment continuing to be subdued, the company registered sales of 4,29,422 units in the domestic market, MSI stated.

It had sold 4,03,929 units in the domestic market in the year-ago period.

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The company said it exported 71,785 cars in Q3 FY24, its highest ever in any quarter. MSI shipped 61,982 units in the December quarter 2022-23.

For the April-December period, the auto major said it recorded its highest-ever nine-monthly sales volume, net sales and net profit.

The company sold a total of 1,551,292 units during the period, a growth of 7% over the same period of last fiscal.

Sales in the domestic market stood at 1,346,965 units and exports at 2,04,327 units, MSI said.

MSI reported a consolidated net profit of Rs 9,536 crore for the nine-month period of this fiscal as against Rs 5,576 crore in the year-ago period.

Total revenue from operations rose to Rs 1,03,387 crore as compared with Rs 86,196 crore in April-December 2022-23. Shares of the company were trading 2.15% up at Rs 10,171 apiece on the BSE.