Maruti Suzuki India Ltd. reported its highest ever monthly sales volume in January, rising 12% year-on-year, on the back of export surge even as domestic demand stagnated. The country's top carmaker by volume sold a total 2,36,963 units last month, according to a stock exchange filing on Monday.
Exports soared 88% to an all-time high of 51,020 units, demonstrating growing global footprint and manufacturing competitiveness.
Domestic sales including light commercial vehicles saw a marginal growth of 0.4% to 1,85,943 units. Passenger vehicle sales rose 0.5% to 174,529 units, indicating tepid demand after initial boost from the GST rate cuts on small cars in September last year.
Sales to Original Equipment Manufacturers (OEMs) also saw a modest increase of 2% to 7,643 units.
On a fiscal year-to-month (April-January) basis, total sales rose nearly 8% to 19.8 lakh units compared to last year. YTD domestic sales stood at 15.28 lakh units, with exports contributing 3.6 lakh units.
Maruti Suzuki India's third quarter performance delivered healthy volume growth but fell short on profitability, prompting brokerages to trim earnings estimates and target prices even as they remain constructive on near-term demand trends.
The subsidiary of the Japanese automaker Suzuki Motor Corporation reported a 29% jumo in revenue from operations to Rs 49,892 crore in the December quarter and 4% rise in net profit to Rs 3,794 crore. Margin dropped to 11.2% compared to 13.1% in the year-ago period, impacted by adverse commodity prices, unfavourable foreign exchange movement, rare earth supply issues and a one-time provision on account of the new labour codes.
Shares of Maruti Suzuki India traded 0.7% lower at Rs 14,100 on the BSE as of 11:00 a.m., compared to a 0.1% fall in the benchmark Sensex. The stock is up 7% on a 12-month basis.
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