Maruti / Q1-FY24

Read the quarter in context.

A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.

Research layer active

ConCallIQ research layer

Signal, with the source still visible.

Use the controls below to narrow the view, then follow the evidence into the next layer of context.

Positive2023-07-28Back to MARUTI

Revenue

₹32,535 Cr

verified against source

Revenue YoY

22%

reported change

EBITDA

Pending

latest reported figure

Source

nse xbrl

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 32,535 · Positive source sentiment · 2023-07-28Q1 FY24Q2 FY24: 37,339 · Positive source sentiment · 2023-10-27Q2 FY24Q3 FY24: 33,513 · Positive source sentiment · 2024-01-31Q3 FY24Q4 FY24: 38,471 · Positive source sentiment · 2024-04-26Q4 FY24Q1 FY25: 35,779 · Positive source sentiment · 2024-07-29Q1 FY25Q2 FY25: 37,449 · Watch source sentiment · 2024-10-28Q2 FY25Q3 FY25: 38,764 · Watch source sentiment · 2025-01-28Q3 FY25Q4 FY25: 40,920 · Watch source sentiment · 2025-04-28Q4 FY25Q1 FY26: 38,605 · Watch source sentiment · 2025-07-31Q1 FY26Q2 FY26: 42,344 · Positive source sentiment · 2025-10-31Q2 FY26Q3 FY26: 49,904 · Positive source sentiment · 2026-01-15Q3 FY26Q4 FY26: 52,462 · Positive source sentiment · 2026-04-30Q4 FY2652,46232,535
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Maruti Suzuki reported a strong Q1 FY24 with revenue of INR 30,845 crore (+22% YoY) and PAT of INR 2,485 crore (+145% YoY), driven by higher volumes, improved realization, and cost reduction. Domestic sales grew 9.1% to 434,812 units, while exports declined. The company launched three SUVs (Fronx, Jimny, Invicto) and achieved a 20% SUV market share. CNG penetration hit a record 27% with 113,000 units sold. Management announced plans to acquire Suzuki Motor Gujarat (SMG) to integrate production and target 4 million units annual capacity by 2030-31. Pending orders stood at 355,000 vehicles. Risks include ongoing semiconductor shortages (28,000 units lost in Q1) and potential demand slowdown in small cars.

Colored figures show movement against the previous available record.

Guidance to track

  • Board approved acquisition of Suzuki Motor Gujarat shares from SMC, to be completed within FY24 at net book value.
  • Production capacity to double from current levels, with 1 million capacity at Kharkhoda and additional 1 million under study.
  • EV manufacturing facility at SMG will be part of MSIL; launch expected in FY25.

Risks flagged

  • Electronic component shortages caused 28,000 units of lost production in Q1; limited visibility on supplies.
  • Small car share declined to 32% of industry; first-time buyer ratio fell to 40% from 42-44%.
  • Discounts increased to INR 16,214 per vehicle from INR 12,748 YoY; dealer inventory at 125,000 units (~4 weeks).

Key quotes

  • The company could not produce about 28,000 vehicles in quarter one of this financial year.
  • We wish to complete it within this financial year, within March 2024.
  • The contract manufacturing agreement is very clear about it. There cannot be a deviation from the approval given by the minority shareholders.

Research modules

Go one layer deeper.

TranscriptRisk registerPromise ledgerClaim ledgerReality check