Maruti Suzuki clocks 12.42% sales growth, exports surge; shares close 0.62% higher

Maruti Suzuki, India's largest carmaker, posted a robust 12.42 per cent sales growth in June. The automaker sold 1,79,228 units last month, compared to 1,59,418 units in the same period last year, it said in a statement on Monday, July 1. 

Domestic vehicle sales were up 3.1 per cent at 1,37,160 units in May, as compared to 1,33,027 units in June 2023, it said.

Maruti Suzuki shares closed 0.62 per cent higher at ₹12,111 on Monday compared to ₹12,036.90 on Friday, June 28.

However, Maruti Suzuki's mid-segment cars like Alto and S-Presso faced a decline in sales figures, going down 49.5 per cent to 9,395 units as compared to 14,054 units in June 2023.

The sales of compact cars, including Baleno, Celerio, Dzire, Ignis, Swift, Tour S and WagonR, were down 0.65 per cent to 64,049 units, compared to 64,471 units in June 2023.

The sale of the company's utility vehicles, which include Brezza, Ertiga, Fronx, Jimny, and XL6, rose 21.12 per cent to 52,373 units in June 2024, compared to 43,404 units in June 2023. Eeco also fuelled the company's sales growth; its sales increased 15.14 per cent to 10,771 units in June 2024, compared to 9,354 units in June 2023.

Maruti Suzuki India's export sales also went up 56.97 per cent to 31,033 units in June 2024, as compared to 19,770 units in June 2023. In the first quarter (April to June), sales for the company went up by 4.78 per cent to 521,868 units as compared to 498,030 units in the same quarter the previous year. Overall sales growth for the brand was fuelled by utility vehicles and van sales, as per data collected from the company statement. 

Apart from Maruti Suzuki, Mahindra & Mahindra and the Indian counterparts of Toyota Motor Corp and Kia Motor reported high car sales in June 2024, fuelled by the demand for sports utility vehicles as heat waves influence customer decisions, reported Reuters.