India’s largest automaker Maruti Suzuki’s standalone net profit for the April-June quarter jumped 145.3 per cent year-on-year (YoY) to Rs 2,485.1 crore, the company said in an exchange filing on Monday. The carmaker’s net profit for the same period a year ago stood at Rs 1,012.8 crore.
However, on a quarterly basis, the carmaker’s net profit declined 5.2 per cent to Rs 2,623.6 crore.
Maruti Suzuki’s standalone revenue from operations climbed 21.9 per cent to Rs 32,326.9 crore in Q1FY24, from Rs 26,499.8 crore in the year-ago period.
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Ahead of its Q1 results, Maruti Suzuki’s stock ended 1.42 per cent higher at Rs 9,806.25 on BSE.
Maruti said it sold 498,030 vehicles in the first quarter, up 6.4 per cent, as compared to the same period previous year. The carmaker’s domestic sales jumped 9 per cent YoY to 4,34,812 units, while exports fell 9 per cent on a yearly basis to 63,218 units.
Its consolidated net profit in the June quarter also more than doubled, jumping 142 per cent to 2,525.2 crore, from Rs 10,362 crore in the same quarter last year.
Maruti’s consolidated revenue from operations climbed 21.9 per cent to Rs 32,338.5 crore, from Rs 26,511.7 crore in Q1FY23.