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Revenue
₹37,449 Cr
verified against source
Revenue YoY
0.15%
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 Q2 FY25 net sales of INR 35,589 crore, nearly flat YoY, while PAT fell 17.4% to INR 3,069 crore due to a one-time tax provision. Domestic wholesale volumes declined 3.9% YoY, but exports grew 12.1%. Festive retail sales surged 14% YoY, driven by rural demand and higher discounts averaging INR 29,300 per car. CNG mix reached 33% of sales. Management expects full-year retail growth of 3-4% and stable discounts. The upcoming EV launch in January 2025 and Kharkhoda plant commissioning by Q4 are key catalysts. Risk: small car segment remains weak due to affordability challenges, with no clear recovery timeline.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects retail sales to grow 3-4% for FY25, with April-October already at 3.9%.
- The new 300,000-unit capacity plant in Kharkhoda is on track to be commissioned by end of this financial year.
- The first EV (e-SUV) will be launched at Bharat Mobility Global Expo, featuring a ~60 kWh battery and high range.
- Management plans to launch 5-6 EVs by the end of the decade, averaging one per year.
Risks flagged
- Affordability challenges persist in the small car segment, with no clear recovery timeline despite limited edition launches.
- Higher discounts (INR 29,300/car) are compressing margins; sustainability depends on demand recovery.
- CFO noted yen uncertainty due to macro factors (US elections), though hedging is being stepped up to reduce volatility.
- Expanding to 28 models from 18 raises complexity in dealership footprint and operations, acknowledged by management as a key challenge.
Key quotes
- India is now the third largest car market. It does happen once a while that the market takes a breather. So we are not too overly concerned about it.
- The rural is doing quite well.
- We are extremely agile to the market. We are connected to the day-to-day movement, the macro things which keeps happening, and take appropriate calls.
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