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Revenue
₹33,513 Cr
verified against source
Revenue YoY
—
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 Q3 FY24 with PAT of INR 3,130 crore, up 33% YoY, driven by record quarterly exports of 71,785 units and a favorable product mix. CNG penetration hit an all-time high of 30% of sales, while the company maintained a healthy inventory of under 45,000 units. Management guided for industry volumes of ~4.3 million units in FY25 and reiterated plans to double capacity to 4 million by 2030-31. The upcoming EV launch (550 km range, 60 kWh battery) and Kharkhoda plant (first line in 2025) are key catalysts. However, the small car segment continues to shrink (hatch share down to 25%), and affordability remains a headwind for first-time buyers. Risks include potential steel cost increases and Red Sea logistical disruptions.
Colored figures show movement against the previous available record.
Guidance to track
- SIAM preliminary estimate for passenger vehicle industry in FY2024-25 is 4.3 million units, up from ~4.2 million expected in FY24.
- First plant at Kharkhoda with 250,000 units annual capacity on track to start production in 2025.
- Battery electric vehicle production to begin in 2024; mid-SUV segment product will be exported to developed markets.
- Company plans to double annual production capacity to about 4 million by 2030-31, including Kharkhoda and Gujarat plants.
Risks flagged
- Hatch segment share fell to 25% from 47% peak; first-time buyer share at 41% remains below pre-COVID levels. Recovery uncertain.
- Rerouting of vessels due to Red Sea issues may increase costs and delay export dispatches, though impact expected to be minor.
- Management noted steel may show upward movement, partially offset by PGM benefits, but commodity risk remains.
- Competitors have launched dual-cylinder CNG variants offering better boot space; Maruti's response is under consideration but not yet launched.
Key quotes
- The small car segment, you know, is shrinking both in absolute terms and in percentage terms, obviously. We are expecting that the cost went up suddenly because of regulatory intensity.
- We have expressed our ambition to go up to at least 750,000 by the turn of the decade.
- The first SUV that we are launching in the EV space is an upmarket vehicle. It's bigger than the Grand Vitara. It has a high range, 550 km range, battery of 60 kWh.
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