Maruti Suzuki Q1 net profit doubles to Rs. 2,845 crore in FY2024

Maruti Suzuki's total sales stood at 4,98,030 units in Q1 FY2024, recording a growth of 6.4%.

Maruti Suzuki reported a massive jump in profits thanks to strong sales in the first quarter of FY2024. The carmaker's net profit more than doubled to Rs. 2,845 crore during this period.

According to the company, the steep rise in profits can be attributed to larger sales volume, improved realization, cost reduction efforts and higher non-operating income. The carmaker sold 4,98,030 units in Q1 FY2024, recording a growth of 6.4% compared to the previous year. This included domestic sales of 4,34,812 units.

Maruti Suzuki's revenue stood at Rs. 32,326.94 crore – a 22% increase compared to the previous year. The company's profit after tax was Rs. 1,012.80 crore, while net revenue from operations was Rs. 26,499.8 crore.

The carmaker's earnings before interest, taxes, depreciation and amortization increased by 56% to Rs. 2,983.1 crores, while the margin expanded by 200 basis points to 9.2%.

Source: Money Control