Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹35,779 Cr
verified against source
Revenue YoY
9.8%
reported change
EBITDA
Pending
latest reported figure
Source
nse xbrl
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Maruti Suzuki reported a strong Q1 FY25 with net sales of ₹33,875 crore (+9.8% YoY) and net profit of ₹3,650 crore (+46.9% YoY), driven by cost reduction, favorable commodity prices, and forex gains. Total volumes grew 4.8% YoY to 521,868 units, with exports up 11.6% to 70,560 units. CNG penetration reached a record 33% of domestic sales. Management noted muted domestic demand due to heat waves and elections but remains optimistic about festive season recovery. Capacity utilization is ~85%, and inventory stands at 37 days. Risks include potential commodity price increases and yen appreciation impacting margins. Guidance for export volumes of 300,000 units for FY25 remains intact.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated that 300,000 export units is achievable for the full year, with growth in Middle East and Latin America.
- Management guided for 600,000 CNG vehicle sales in FY25, with Q1 achieving slightly less than 150,000 units.
- Maruti plans to launch six electric vehicle models by 2031, with the first EV to be displayed at Auto Expo in January 2025.
- The company aims to expand from 18 to 28 models by 2030-31, adding at least 10 new models.
Risks flagged
- CFO noted that commodity prices are dynamic and could reverse, impacting margins. Non-ferrous metals have already seen some increase.
- CFO acknowledged that yen has started appreciating, which could moderate the forex benefit seen in Q1.
- Discounts rose 50% QoQ to ₹21,700 per vehicle due to heat wave and elections. Demand recovery depends on festive season.
- Stringent CAFE-3 norms from April 2027 may require significant EV/ hybrid mix. Super credits and penalties are still under policy consideration.
Key quotes
- We are not worried about demand. We are more worried about being able to deliver what the market needs.
- In India, CNG has overtaken diesel for the first time in this quarter.
- It's a continuous moving thing. Very difficult to put a crystal ball and say whether it will change which way.
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