In a recent announcement, Maruti Suzuki India Ltd, a leading passenger car manufacturer, revealed its robust financial performance for the third quarter of the fiscal year 2023-24. The company reported a substantial increase in net profit, reaching Rs 3,130 crore. This notable growth was attributed to lower material costs and a surge in sales volume.
For the quarter ending December 31, 2023, Maruti Suzuki recorded sales revenue of Rs 31,860 crore, a significant rise from Rs 27,849.2 crore in the same period of the previous fiscal year. The after-tax profit also witnessed an impressive increase, reaching Rs 3,130 crore compared to Rs 2,351.3 crore in Q3FY23. th
During the review period, the total revenue from operations for Maruti Suzuki stood at Rs 33,308.7 crore, showcasing a substantial increase from Rs 29,044.3 crore in the corresponding period of the previous year.
A noteworthy development during the third quarter was Maruti Suzuki’s acquisition of Suzuki Motor Gujarat Private Limited (SMG). The company successfully obtained 100% of SMG’s equity shares from Suzuki Motor Corporation (SMC), Japan, for a total consideration of Rs 12,841.1 crore.
In terms of unit sales, Maruti Suzuki reported a notable increase, with 501,207 units sold during the third quarter. This marked a significant rise from the 465,911 units sold in the same period of the previous year. The company attributes this growth to a combination of factors, including softening commodity prices, improved capacity utilization, and successful cost reduction efforts.
Maruti Suzuki emphasized that the positive impact on margins was a result of these factors, highlighting the importance of the softening of commodity prices, enhanced capacity utilization, and effective cost reduction strategies in achieving improved financial performance.
Overall, Maruti Suzuki’s strong financial results underscore its resilience and adaptability in the dynamic automotive market, positioning the company for continued success in the coming quarters.
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