 "BMW India consolidated net profit rises 52% to Rs 311 crore in FY24")
BMW Group's consolidated net profit in India surged by 52.02 per cent year on year (Y-o-Y) to Rs 311.74 crore in the last financial year (FY24), with total income rising by 53.97 per cent to Rs 9,403.91 crore, driven by high demand for luxury cars, according to documents submitted to the Registrar of Companies (RoC) and reviewed by Business Standard.
In response to the newspaper’s queries on it, Vikram Pawah, President, BMW Group India, replied that the company's car sales (BMW plus Mini) saw a growth of 33 per cent Y-o-Y on the back of new product launches and "unparalleled" customer experience.
"Key models like the BMW 7 Series Long Wheelbase, BMW 3 Series Long Wheelbase and BMW X1 are leading in their segments and the demand for the new BMW 5 Series Long Wheelbase is overwhelming," Pawah noted.
"The order bank for the coming months is solid and we are trying our best to speed up deliveries, especially for the festive season. The fundamentals of the Indian economy are strong and consumer confidence in the luxury segment is on the rise. We are confident of closing the year on a high note while clocking impressive growth," he added.
The company generated Rs 8,650.8 crore from car sales in 2023-24, marking a 60.55 per cent Y-o-Y growth. However, motorcycle sales contributed Rs 328.7 crore, reflecting a modest 9.63 per cent Y-o-Y growth. This difference is primarily because the average selling price of a BMW car has increased way more than the average selling price of a BMW motorcycle in 2023-24, sources said.
The company sold 8,768 motorcycles in India in the calendar year 2023, recording a growth of 20 per cent Y-o-Y. It sold 14,172 cars in India in 2023, recording a growth of 18 per cent Y-o-Y. BMW Group in India does not release data in the Indian financial year format.
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The demand for luxury and super luxury cars in India recorded a strong growth in 2023-24. The top five luxury carmakers in India - Mercedes-Benz, BMW, Audi, Jaguar and Land Rover, and Volvo - saw their total sales reach about 45,000 units in 2023-24, recording an approximate 20 per cent Y-o-Y growth, according to industry sources.
In the first quarter of calendar year 2024, the BMW Group sold 3,680 cars in India, recording a 51 per cent Y-o-Y growth.
"Our key car models are at the top of their game and with significant new launches in the pipeline, we will raise the heat in the luxury market,” Pawah said.