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    Maruti Suzuki Q2 Results: Net profit zooms 80% YoY to Rs 3,716 crore, beats estimate

    Synopsis

    Revenue from operations during the second quarter increased 24% YoY to Rs 37,062 crore. Maruti said it recorded its highest-ever quarterly sale volume, net sales, and net profit in this quarter.

    Maruti Suzuki Q2 Results: Profit soars 80% YoY to Rs 3,716 cr; revenue up 24%
    India's leading automaker Maruti Suzuki's standalone net profit surged 80% year-on-year (YoY) to Rs 3,716 crore in the quarter ended September 2023. The same stood at Rs 2,061 crore in the year-ago quarter.

    The profit was higher than the ET Now Poll estimate of Rs 3,095 crore.

    Revenue from operations during the second quarter increased 24% YoY to Rs 37,062 crore.

    Maruti said it recorded its highest-ever quarterly sale volume, net sales, and net profit in this quarter.

    While strong net sales in the reporting quarter were attributed to better sales volume and product mix, softening of commodity prices and cost reduction efforts contributed to robust profit growth.

    During the quarter, the company sold 5.52 lakh vehicles (up 7% YoY), with domestic sales at 4.82 lakh units and exports were 69,324 cars. The same period in the previous year had seen total sales of 5.17 lakh units comprising 4.54 units in domestic and 63,195 units in export markets.

    Maruti Suzuki, which has been focusing heavily on SUVs of late, achieved a market share of 23.3% in the segment.

    EBITDA for the quarter at Rs 4,784 crore, also beat poll estimate (Rs 4,113 crore) by a wide margin. Operational EBIT during the reporting period rose 95% YoY to Rs 3,990 crore.

    Margins in the September quarter came in at 12.9%.

    For the first half of the current fiscal, the company clocked a profit of Rs 6,202 crore, more than doubled that of Rs 3,074 crore in the same period of the previous fiscal.

    The company registered net sales of Rs 66,380 crore in H1FY24, compared to Rs 53,830 crore a year ago, showing an increase of 24%. Sales volume in the first half rose 7% to 10.5 lakh units.

    On Friday, following better-than-expected Q2 numbers, the automaker's shares were trading nearly 4% higher at Rs 10,771 on NSE.



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