The country’s largest car maker, Maruti Suzuki reported its highest-ever net profit of Rs 3716.5 crore during Q2 FY24, which is an 80.3% jump over the Rs 2061.5 crore registered in Q2 FY23. The company attributed the development to higher net sales, a softening of commodity prices, cost reduction efforts, and higher non-operating income.
During the quarter, the company registered net sales of Rs 35535.1 crore, which stands to be 24.5% growth against Rs 28543.5 crore in the same period the previous year, owing to higher sales volume and product mix.
As per the press statement issued by Maruti Suzuki, during Q2FY24, 552,055 vehicles were sold by the company. Sales in the domestic market were 482,731 units, while 69,324 cars were exported. The same period in the previous year had seen total sales of 517,395 units, comprising 454,200 units in domestic and 63,195 units in export markets.