Maruti Suzuki India posts strong Q4 results, declares dividend of ₹125 per Share

The country's largest car maker Maruti Suzuki India on Friday reported a 47.8% rise in net profit for the March quarter of FY24 to ₹3,877 crore, on account of higher sales volume, favourable commodity prices, cost reduction efforts and higher non-operating income.

The auto major had reported a net profit of ₹2,623.6 crore in the year-ago period, Maruti Suzuki India said in a regulatory filing.

"For the first time, the company surpassed the annual total sales milestone of 2 million units in FY24. The company continued to be the top exporter for the third consecutive year, now contributing 41.8% of total passenger vehicle exports from India," the company stated.

Maruti Suzuki India’s revenue from operations rose 19.4% YoY to ₹38,234 crore. During the quarter, the company sold a total of 5.84 lakh vehicles, up 13.4% compared to the same period previous year.

Full year highlights

For the full financial year, the company registered net sales of ₹140,932 crore, a growth of 19.9% compared to FY23.

Maruti Suzuki achieved a net profit of ₹13,209 crore in FY24, 64% higher than the net profit of ₹8,049 crore in FY23. The company said it was able to better its net profit on account of higher sales volume, favourable commodity prices, cost reduction efforts and higher non-operating income.

For FY24, Maruti Suzuki sold a total of 21.3 lakh vehicles during the year, a growth of 8.6% over that in FY23. Sales volume in the domestic market stood at 18.5 lakh units and exports at 2.83 lakh units.

Following a robust quarterly result, Maruti Suzuki declared a dividend of ₹125 per share (face value of ₹5 per share), which is higher than ₹90 per share dividend announced in FY23.

Maruti Suzuki shares closed at ₹12,760 apiece on Friday, down 1.2% from its previous close on the NSE.

With inputs from PTI