Maruti Suzuki’s annual sales volume crosses 2 million units

Maruti Suzuki India reported a robust increase in its fourth-quarter net profit for the fiscal year 2023-24, recording a significant 47.8% rise to Rs 3,877.8 crore, up from Rs 2,623.6 crore during the same period last year.

The company also achieved a milestone in annual sales volume, surpassing 2 million units and retaining its title as India’s top exporter of passenger vehicles for the third consecutive year.

According to the company’s filing with the exchange, total revenue from sales in the fourth quarter reached Rs 36,697.5 crore, an increase from Rs 30,821.8 crore in the corresponding quarter of the previous fiscal year.

The Board of Maruti Suzuki proposed a record dividend of Rs 125 per share, up from Rs 90 per share in the previous fiscal year. The proposed dividend is set to be paid on September 3, 2024, pending shareholder approval at the annual general meeting scheduled for August 27, 2024.

Over the fiscal year 2023-24, Maruti Suzuki not only hit its highest-ever annual figures for sales volume, exports, net sales, and net profit but also marked a significant 8.6% growth in vehicle sales, totaling 2,135,323 units. Domestic sales accounted for 1,852,256 units, with exports contributing 283,067 units.

Since commencing exports in 1987, Maruti Suzuki now accounts for nearly 40% of India’s total vehicle exports. The company also celebrated producing over 3 crore car units in India. On the stock market front, Maruti Suzuki’s shares have delivered a 50% return over the past year, closing at Rs 12,760 per share in Friday’s trading session on the National Stock Exchange.