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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹37,339 Cr
verified against source
Revenue YoY
24.5%
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 Q2 FY24 with record quarterly sales volume of 552,055 units, net sales of INR 35,535 crore (up 24.5% YoY), and net profit of INR 3,716 crore (up 80% YoY). The company gained 120 bps market share in PVs and achieved leadership in the SUV segment with ~23% share. Growth was driven by easing semiconductor shortages, favorable commodity prices (especially precious metals), cost reduction efforts, and a richer product mix. Management remains cautiously optimistic on demand, with festive season industry growth of ~18% so far. However, the small car segment continues to weaken due to affordability issues, and pending orders have reduced to ~250,000 units. Key risk: rising steel prices could pressure margins in H2.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans a threefold increase in export volumes from current levels to about 750,000-800,000 units by 2030-31.
- Capital expenditure for the current fiscal year is expected to exceed INR 8,000 crore.
- Management expressed commitment to gradually recover market share to the 50% mark over time.
Risks flagged
- Steel prices have started increasing, which could negatively impact gross margins in Q3 and beyond.
- Affordability issues continue to depress small car demand, which remains a significant portion of Maruti's portfolio.
- Analysts raised concerns about one-off gains and inventory adjustments boosting margins; management clarified no one-offs but acknowledged exceptional quarter with all positives aligning.
- Shifting production mix towards SUVs may require investments in flexibility, potentially impacting near-term volumes and margins.
Key quotes
- We had all the positives in this quarter. We had everything which was positive. It's very unusual in a quarter that you have all that is positive.
- The top 3% of India today owns a car. So if the car market has to grow, more people have to move from the 97% club to the 3% club. Sooner or later, it has to happen.
- We are increasing the flexibility of our production operations. It does come at a small cost, because then you are working on a slightly suboptimal format of production.
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