 "maruti suzuki")
Shares of Maruti Suzuki India (MSIL) jumped 4 per cent higher on the BSE to hit an all-time high of Rs 10,846.10 in Friday’s intra-day trade after the company reported a sharp 80 per cent growth in net profit for the September quarter. (Q2FY24)
Click here to connect with us on WhatsApp
Maruti said it recorded the highest-ever quarterly sale volume, net sales and net profit for the quarter. The stock of the automobile major surpassed its previous high of Rs 10,812.40 touched on October 16.In Q2FY24, MSIL reported a strong 80.3 per cent year-on-year (YoY) jump in its net profit at Rs 3,716.5 crore, compared to Rs 2,061.5 crore in the year ago quarter.
This was on account of higher net sales, softening of commodity prices, cost reduction efforts and higher non-operating income, the company said.
During the quarter, the company registered net sales of Rs 35,535.1 crore against Rs 28,543.5 crore in the same period of the previous year owing to higher sales volume and product mix.
The company’s reported operating earnings before interest and tax (EBIT) improved 400 bps to 11.2 per cent, led by improved realization, softening of commodity prices, cost reduction efforts, relatively better sales volume leading to improved capacity utilization and higher non-operating income.
MSIL said it sold 552,055 vehicles in Q2FY24, up 6.7 per cent compared to 517,395 vehicles sold in Q2FY23.
In the domestic market, passenger vehicle wholesales grew by around 8 per cent, higher than the industry growth of 5 per cent. MSIL said it achieved leadership in SUV segment, supported by strong product lineup.
