Maruti Suzuki Q1 Results: Profit Surges On Higher Sales

Maruti Suzuki India Ltd.'s net profit rose in the first quarter on higher sales and an increasing share of SUVs.

India's largest carmaker's profit rose 145% to Rs 2,485 crore in the quarter ended June, according to an exchange filing on Monday. That compares with the Rs 2,466 crore consensus forecast of analysts tracked by Bloomberg.

Maruti Suzuki Q1 FY24 Highlights (Standalone, YoY)

• Revenue rose 22% to Rs 32,327 crore, as compared with an estimate of Rs 31,833 crore.

• Ebitda rose 56% to Rs 2,983 crore, as against an estimate of Rs 3,241 crore.

• Ebitda margin was 9.2% versus 7.2% last year. Analysts had forecast it at 10.2%.

Total sales grew 6.4% year-on-year to 4.98 lakh units but fell 3.3% sequentially. The growth was driven by the new model launches, such as Jimny and Fronx.

Domestic sales rose 9.1%, limiting the impact of the 9% decline in exports.

The significant jump in net profit was due to an expansion of 2 percentage points in the Ebitda margin as compared with the same quarter last year.

Last year, commodity prices shot up after the Russia-Ukraine conflict, shrinking the automaker's margin significantly.

Sequentially, the margin contracted sharply on higher advertising spends related to new launches.

Shares of Maruti Suzuki ended 1.48% higher at Rs 9,813 apiece before the results were announced, as compared with a 0.55% rise in the benchmark NSE Nifty 50.