Maruti Suzuki Q1FY24 results: Net profit up 145% YoY, revenue up 22%

The company approved the termination of the contract manufacturing agreement with Suzuki Motor Gujarat Private Limited (SMG)

Maruti Suzuki India Ltd reported a rise of 145.3 per cent in profit after tax (PAT) to Rs 2,485.1 crore in the quarter that ended June 30, 2023, from Rs 1,012.8 crore in the same period last year. The company reported a quarter-on-quarter (QoQ) dip of 5.27 per cent in its profits, which were Rs 2,623.6 crore in quarter ending March 2023.

During the quarter, the automaker reported net sales of Rs 30,845.2 crore which was up 21.89 per cent YoY from Rs 25,286.3 crore during the same period last year. Sequentially, the sales were almost the same with a difference of just 234 vehicles between Q4FY23 and Q1FY24.

The company sold a total of 498,030 vehicles during the quarter, up by 6.4 per cent compared to the same period previous year. In the quarter, the sales in the domestic market stood at 434,812 units, up by 9.1 per cent over that in Q1FY23. The export sales were at 63,218 units as compared to 69,437 units in Q1FY23, the company said in its press release.

The company's board which met on Monday, approved termination of the contract manufacturing agreement with Suzuki Motor Gujarat Private Limited (SMG) and exercising the option to acquire the shares of SMG from Suzuki Motor Corporation (SMC) subject to all legal and regulatory compliances including minority shareholder's approval.

The shares of the company closed in the green at Rs 9,806.25 apiece on the BSE index.