Maruti Suzuki India Ltd. registered its best monthly sales performance in July, rebounding from the Goods and Services Tax-induced slowdown in June.
India's largest carmaker sold 1.65 lakh vehicles last month, a jump of 20.6 percent from July 2016, according to its press release. Analysts polled by BloombergQuint had expected Maruti to sell 1.52 lakh vehicles. Maruti had sold only 1.06 lakh vehicles in June, as dealers de-stocked ahead of the launch of the GST regime on July 1.
Domestic sales rose 22.4 percent to 1.54 lakh units, even as exports remained flat at 11,345 units.
Total passenger car sales rose 19.4 percent to 1.11 lakh vehicles, while utility vehicle sales jumped 48.3 percent to 25,781 units.
Best Selling Models
- The mini segment, which includes cars like the Alto and WagonR, picked up pace with sales rising 20.7 percent.
- The utility vehicles segment, with cars like Ertiga and Vitara Brezza, continued to outperform, with sales jumping 48.3 percent.
- Sales of mid-size sedan Ciaz jumped 23.5 percent to 6,377 vehicles.
Shares of Maruti Suzuki rose as much as 2.2 percent intraday, the most since June 9 and to their highest level on record.
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