Maruti Q2 Results: PAT grows 80% YoY to Rs 3,716.5 crore, revenue rises 24%

Maruti Q2 Results: Maruti Suzuki India (MSIL), India's leading car manufacturer, reported on Friday, October 27, a standalone profit after tax (PAT) or net profit of Rs 3,716.5 crore for the quarter ended September 30, 2023, translating into an 80.3 per cent jump on a year-on-year (YoY) basis. The carmaker had reported a profit of Rs 2,061.5 crore in the year-ago period. Maruti said that the jump in net profit was on account of higher net sales, a softening of commodity prices, cost reduction efforts, and higher non-operating income.

Total revenue from operations came in at Rs 37,062.1 crore, up 23.8 per cent YoY.

The company's bottom line beat analysts' estimates by a big margin. Zee Business analysts had estimated the company's standalone profit to soar by 52.8 per cent to Rs 3,150 crore against Rs 2,062 recorded in the same quarter last fiscal. Its revenue from operations was estimated to soar to Rs 37,000 crore, translating into a jump of 23.6 per cent YoY.

The company's operating earnings before interest, and tax (EBIT) jumped 95 per cent YoY to Rs 3,990.1 crore. 

Key financial ratios

Source: Investor Presentation

Highlights: Q2 (July–September), FY 2023–24

The company recorded its highest-ever quarterly sales volume, net sales, and net profit in this quarter, the earnings release added.

During the quarter, 552,055 vehicles were sold. Sales in the domestic market were 482,731 units, while 69,324 cars were exported. The same period in the previous year saw total sales of 517,395 units, comprising 454,200 units in domestic and 63,195 units in export markets.

During the quarter, the company registered net sales of Rs 35,535.1 crore against Rs 28,543.5 crore logged in the same period the previous year, owing to higher sales volume and product mix.

This was on account of higher net sales, a softening of commodity prices, cost reduction efforts, and higher non-operating income.

Highlights: H1 (April-September), FY 2023-24

In FY2023–24, the company recorded its highest-ever half-yearly sales volume, net sales, and net profit.

The company sold a total of 1,050,085 units during the period, a growth of 6.6 per cent over H1 FY2022-23. Sales in the domestic market stood at 917,543 units and exports at 132,542 units.

The company registered net sales of Rs 66,380.3 crore in FY2023–24 as compared to Rs 53,829.8 crore in H1FY2022-23.

The company made a net profit of Rs 6,201.6 crore in H1FY2023-24 as against Rs 3,074.3 crore in H1FY2022-23.