Maruti Suzuki Q2 Results: Net profit jumps 80% YoY to ₹3,716.5 crore; stock hits record high on strong earnings | Mint
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Business News/ Companies / Company Results/  Maruti Suzuki Q2 Results: Net profit jumps 80% YoY to 3,716.5 crore; stock hits record high on strong earnings
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Maruti Suzuki Q2 Results: Net profit jumps 80% YoY to ₹3,716.5 crore; stock hits record high on strong earnings

Maruti Suzuki India, the largest passenger car manufacturer in the country, reported a standalone net profit of ₹3,716.5 crore in the quarter ended September 2023.

Maruti suzuki reports its Q2FY24 Results during market hours on Friday.Premium
Maruti suzuki reports its Q2FY24 Results during market hours on Friday.

Maruti Suzuki Q2 Results: Maruti Suzuki India, the largest passenger car manufacturer in the country, reported a standalone net profit of 3,716.5 crore in the quarter ended September 2023. The company’s net profit jumped by a robust 80.28% as compared to 2,061.5 crore in the same quarter last year.

The company in its exchange filing highlighted that increased non-operating income, lower commodity prices, improved net sales, and cost-cutting initiatives were the major driving factors for the surge in its net profit. 

The auto major’s standalone revenue in Q2FY24 grew 23.8% to 37,062.1 crore from 29,930.8 crore, YoY. 

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According to the company's exchange filing, 552,055 vehicles were sold in the quarter. 482,731 vehicles were sold domestically, and 69,324 cars were exported. Sales during the same period last year totalled 517,395 units, of which 454,200 were in domestic markets and 63,195 were in export markets.

Operational performance of the company improved as the earnings before interest, taxes, depreciation and amortization (EBITDA rose 72.8% to 4,784 crore from 2,768 crore, while EBITDA margin expanded by 360 basis points (bps) to 12.9% from 9.3%, YoY.

The company in its exchange filing highlighted that the key reasons for margin movement was improved realisation, softening of commodity prices, cost reduction efforts, relatively better sales volume leading to improved capacity utilisation, and higher non-operating income.

Also Read: Maruti Suzuki Q1 Results: Net profit jumps 145% to 2,485 crore; revenue rises 22% YoY

According to the exchange filing, the company's half-yearly sales volume, net sales, and net profit reached record highs in H1FY2023–2024. A 6.6% increase over H1FY2022-23, the company sold 1,050,085 units in total during the period. A total of 132,542 units were exported, while 917,543 units were sold domestically.

Maruti Suzuki share price gained nearly 3% post robust Q2 earnings and marked a fresh new high. 

“Prices have seen strong traction post its result, we are seeing volume based activity to mark fresh new high. Technically, we are seeing a strong candle expecting this upmove to continue in the near term. 11,000 is potential target for the near term whereas 10,500 is support," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.

Also Read: Maruti Suzuki Q2 Results Preview: Net profit to rise 50%, revenue growth seen at 25% on volumes, rich product mix

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

 

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Published: 27 Oct 2023, 01:53 PM IST
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