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Revenue
₹38,471 Cr
verified against source
Revenue YoY
19.1%
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 Q4 FY24 with net sales of INR 36,698 crore (+19.1% YoY) and net profit of INR 3,878 crore (+47.8% YoY), driven by record volumes of 584,031 vehicles (+13.4% YoY) and cost improvements. Operating margin expanded 90 bps sequentially to 10.8%, aided by lower discounts and operating leverage, partially offset by one-offs (~60 bps) and higher steel costs. CNG penetration dipped to 26.9% due to component shortages, now resolved, with management targeting 600,000 CNG units in FY25. Exports grew 21.7% YoY to 78,740 units. The company reiterated its Maruti 3.0 plan to double capacity to 4 million units by 2031, with Kharkhoda plant on track for 2025. Key risk: sustained weakness in first-time buyer demand and small car segment could pressure market share recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects CNG volumes to grow from ~480,000 in FY24 to 600,000 in FY25, aided by resolved component supply and new capacity.
- Exports are expected to increase from 283,000 in FY24 to about 300,000 in FY25, with diversified markets.
- First plant at Kharkhoda with 250,000 units annual capacity is on track to be operational in 2025.
- MOU signed for a new plant in Gujarat with potential 1 million units capacity and INR 35,000 crore investment, subject to land and board approval.
Risks flagged
- First-time buyer share is ~40-43% and not showing recovery; small car segment continues to shrink, which could limit market share gains.
- Steel prices rose ~2% sequentially in Q4; copper and aluminum are expected to increase, impacting margins. Management flagged these as concerns.
- SUV share continues to rise, increasing fleet CO2 emissions. Future CAFE norms could require more aggressive green technology adoption, raising costs.
- Export margins are variable due to forex fluctuations and geopolitical risks; past markets like Algeria and Sri Lanka have seen sudden drops.
Key quotes
- The company crossed the cumulative production milestone of 30 million units since its inception.
- Fronx SUV has set a new benchmark in the passenger vehicle category by becoming the only new model launch to clock 100,000 sales in ten months.
- The share of sales from green vehicles, comprising CNG vehicles, Smart Hybrids, and strong hybrids, increased to 42% from 37% the previous year.
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