Maruti Suzuki India Ltd.'s third-quarter profit rose 33%, beating analysts' estimates on higher sales and an increasing share of sports utility vehicles.
India's largest carmaker's net profit increased to Rs 3,130 crore in the quarter ended December, according to an exchange filing on Wednesday. That compares with a profit of Rs 2,978 crore forecast by analysts tracked by Bloomberg.
Maruti Q3FY24 Earnings Highlights (Standalone, YoY)
Revenue rose 15% to Rs 33,309 crore. (Bloomberg estimate: Rs 33,470 crore).
Ebitda rose 38% to Rs 3,908 crore. (Estimate: Rs 3,902 crore).
Ebitda margin stood at 11.73% versus 9.75%. (Estimate: 11.7%)
Sales grew 7.6% to 5.01 lakh units in the quarter, led by higher sales in the SUV segment, which surged nearly 60% to 1.5 lakh units in the period. A combination of higher volumes and rise in average ticket price due to increased share of SUVs helped the company's performance in the period.
The margin expanded due to lower commodity costs and highest-ever exports in a quarter. Material cost as a percentage of sales fell 170 basis points to 74% in the December quarter.
Shares of Maruti Suzuki were trading 2% higher at Rs 10,152.05 apiece on the NSE after the results were announced, as compared with a 0.77% rise in the benchmark Nifty 50 at 2.20 p.m.
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