Net profit of Maruti Suzuki India Ltd galloped 47.8% year-on-year to ₹3,877 crore for the quarter ended March 31, 2024, compared with ₹2,623 crore in the corresponding quarter last fiscal.
The rise in profit was on account of higher sales volume, favourable commodity prices, cost reduction efforts and higher non-operating income, India’s largest carmaker says in a regulatory filing.
The company sold a total of 584,031 vehicles during the fourth quarter, higher by 13.4% compared to the same period previous year.
In the quarter, the sales volume in the domestic market stood at 505,291 units, up by 12.2% over that in Q4 FY24. The sales volume in the export market was at 78,740 units, a growth of 21.7% over exports of 64,719 units in Q4 FY23.
For the full financial year, Maruti Suzuki achieved a net profit of ₹13,209 crore in FY24, 64% higher than the net profit of ₹8,049 crore in FY23. The company sold a total of 21.35 lakh vehicles during the year, a growth of 8.6% over that in FY23. Sales volume in the domestic market stood at 18.52 lakh units and exports at 283,067 units.
The company’s board recommended the highest-ever dividend of ₹125 per share for FY24 compared to ₹90 per share in FY23.
For the first time, Maruti Suzuki surpassed annual total sales milestone of 2 million units in FY24. The company continued to be the top exporter for the third consecutive year, now contributing 41.8% of total passenger vehicle exports from India.
Maruti Suzuki plans to increase its production capacity to about 4 million cars per annum by 2030-31, almost double from current levels. In January, the carmaker said it is planning to invest ₹35,000 crore to construct a new greenfield manufacturing facility in Gujarat. The new unit, which is expected to start operations in 2028-29, will produce an additional 1 million units annually. The carmaker also plans to establish a fourth production line in its wholly-owned subsidiary Suzuki Motor Gujarat by investing ₹3,200 crore to produce electric vehicles in the future.
The fourth line is expected to start operation from 2026-27. With the completion of the fourth line, annual production capacity of SMG will increase from the current 750,000 units to 1 million units. Combined with the new plant in Gujarat, the total annual production capacity in Gujarat will be 2 million units.
Maruti had acquired 100% stake in SMG by issuing shares worth ₹12,841 crore to its Japanese parent Suzuki Motor Corporation.
In April, Maruti Suzuki commissioned another vehicle assembly line at its Manesar facility. The assembly line was added to the existing Plant-A of the 3 manufacturing plants at Manesar. The new vehicle assembly line has the capability to manufacture 100,000 units per annum. With this additional assembly line, the total manufacturing capability at Manesar stands at 900,000 vehicles per annum.
