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Revenue
₹38,764 Cr
verified against source
Revenue YoY
15.5%
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 Q3 FY25 net sales of INR 36,800 crore (+15.5% YoY) and PAT of INR 3,525 crore (+12.6% YoY), driven by festive demand and record exports of 99,020 units (+38% YoY). Domestic sales grew 8.7% YoY to 466,993 units, with rural retail up 15% vs urban 2.5%. The company unveiled the e VITARA EV with 500+ km range, targeting exports to 100 countries and aiming to be India's largest EV manufacturer within the first year. Margins faced headwinds from higher sales promotion (+20bps QoQ), ad spends (+40bps), and adverse forex (-20bps), partially offset by favorable commodities (+40bps) and operating leverage (+30bps). Management expects Q4 retail growth of ~3.5% and noted subdued demand in entry-level segments. Risk: sustained weakness in small cars and competitive intensity from capacity expansions.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects retail sales growth in Q4 to follow the 9-month trend of ~3.5%.
- Small price increase announced to cover inflationary pressures.
- The upcoming greenfield plant at Kharkhoda is expected to begin operations within Q4 FY25.
- Production of the e VITARA EV will start soon, with ambition to become India's largest EV maker within the first year of production.
Risks flagged
- Entry hatchbacks saw degrowth, mid-hatch flat, while premium hatch grew. Weakness in lower segments remains a challenge.
- Management acknowledged that EV profitability per vehicle will not match ICE for a long time due to higher costs and government support needed.
- Multiple OEMs are expanding capacity, which could increase competitive intensity and pressure margins.
- CAFE 3 norms are yet to be announced; management did not provide specific EV penetration targets, relying on technology mix agility.
Key quotes
- In Q3, we have exported a number, which just about four years ago, we exported in one year. So in one quarter, we have done what we used to do in one year.
- If the profit of an EV was equal to that of an ICE, why would the government support so much at the center level and the state level? For a long time, it's not going to happen.
- What is good for India is good for Maruti, and I strongly believe that. And the reverse also, what is good for Maruti is good for India.
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