Maruti Suzuki India Limited.
Credit: Reuters File Photo
New Delhi: Maruti Suzuki India on Friday reported a 47.8 per cent increase in net profit to Rs 3,877.8 crore for the March quarter, on the back of higher sales volume and favourable commodity prices.
The country's largest car maker surpassed annual total sales milestone of 2 million units for the first time in 2023-24.
The company had posted a net profit of Rs 2,623.6 crore a year ago.
During the entire FY24, Maruti Suzuki India reported a net profit of Rs 13,209.4 crore, 64 per cent higher than Rs 8,049.2 crore in FY23, it said in a regulatory filing.
"The company was able to better its net profit on account of higher sales volume, favourable commodity prices, cost reduction efforts and higher non-operating income," Maruti Suzuki India stated.
The company continued to be the top exporter for the third consecutive year, contributing 41.8 per cent of the total passenger vehicle exports from India, it added.
The company sold a total of 21,35,323 vehicles during the year, registering a growth of 8.6 per cent over FY23. Sales volume in the domestic market stood at 18,52,256 units and exports at 2,83,067 units.
Maruti Suzuki registered net sales of Rs 1,34,937.8 crore in FY24, a growth of 19.9 per cent over the net sales of Rs 1,12,500.8 crore in FY23.
During the fourth quarter, Maruti Suzuki sold 5,84,031 vehicles during the quarter, 13.4 per cent higher than the same period previous year.
The sales volume in the domestic market stood at 5,05,291 units in the quarter under review.
The sales volume in the export market was 78,740 units, 21.7 per cent higher than 64,719 units in the March quarter of FY23.
During the quarter, the company registered net sales of Rs 36,697.5 crore against Rs 30,821.8 crore in the same period of the previous year.
The Board of Directors of the company recommended highest-ever dividend of Rs 125 per share (face value of Rs 5 per share) compared to Rs 90 per share in FY23.