Maruti Suzuki Q3FY24 result: Net profit rises 33% to Rs 3,206.8 crore

Maruti Suzuki Q3FY24 result: Its revenue from operations was up 14.56 per cent at Rs 33,512.8 crore

India's top carmaker, Maruti Suzuki India Ltd, on Wednesday reported a 33.27 per cent jump in its net profit in the quarter that ended on December 31, 2023, at Rs 3,206.8 crore as compared to Rs 2,351.3 crore in the previous year, on the back of strong demand for its sport utility vehicles (SUVs) segment. 

Its revenue from operations was up 14.56 per cent at Rs 33,512.8 crore. The company's net sales were up 14.4 per cent to Rs 31,860 crore from Rs 27,849.2 crore earlier. 

Consumers generally make big-ticket purchases during the festive season, which lasted for a large part of the third quarter last year. Increased sales of more expensive SUVs, such as Grand Vitara and Brezza, helped boost Maruti's total sales volumes by 7.6 per cent to 501,000 units, as per its monthly sales data.

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Sales of small cars, including Alto and Baleno, were, however, down throughout the year and extended into the December quarter as high inflation curbed rural spending, the segment's largest consumer demographic.

A moderation in December small car wholesales, which includes sales to dealerships, also partly contributed to the dip in the segment.

Maruti Suzuki also approved the appointment of Kazunari Yamaguchi as a full-time director designated as director (Production) for a period of three years with effect from February 1, 2024, till January 31, 2027.

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The shares of Maruti Suzuki were up 1.83 per cent to Rs 10,139.8 as of 2:15 pm on Wednesday.