Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
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.
Read Maruti analysis →Bajaj Finserv reported a strong Q4 FY24 with consolidated total income up 36% YoY to INR 32,042 crore and PAT up 20% to INR 2,119 crore.
Read Bajajfinsv analysis →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.
Bajaj Finserv reported a strong Q4 FY24 with consolidated total income up 36% YoY to INR 32,042 crore and PAT up 20% to INR 2,119 crore. The general insurance arm (BAGIC) grew gross written premium 32% YoY, significantly outpacing industry growth of 10.9%, though the combined ratio weakened to 101.6% from 97.3% due to higher claims. Life insurance (BALIC) delivered individual rated premium growth of 17% on a high base, with NBV up 16% to INR 480 crore. Bajaj Finance continued its robust performance with 25% revenue growth and 21% PAT growth. Management highlighted market share gains in both insurance businesses and expressed optimism about sustained growth driven by favorable macros and regulatory tailwinds. Key risks include competitive intensity in motor insurance, potential regulatory changes on surrender charges, and the cyclical nature of tender-driven government health and crop businesses.
Highest ever quarterly sales, driven by SUV launches and export growth.
CNG penetration rose to 15% industry-wide; company targets 600,000 units in FY25.
Highest ever quarterly exports; company remains top PV exporter for third year.
Backlog largely in Ertiga; component supply normalizing, capacity added at Manesar.
BAGIC grew GDPI 32.3% in Q4 vs industry 10.9%, gaining over 100bps market share to 8.3%.
BALIC grew IRP 17% in Q4 against flat industry and 2% private sector growth, on a high base.
NBV grew 16% in Q4 to INR 480 crore, reflecting operating leverage and scale benefits.
Combined ratio worsened to 101.6% from 97.3% due to higher claims, but full-year improved to 99.9%.
Management expects CNG volumes to grow from ~480,000 in FY24 to 600,000 in FY25, aided by resolved component supply and new capacity.
Management guidance growthExports are expected to increase from 283,000 in FY24 to about 300,000 in FY25, with diversified markets.
Management guidance growthFirst plant at Kharkhoda with 250,000 units annual capacity is on track to be operational in 2025.
Management guidance expansionMOU 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.
Management guidance expansionManagement expects continued market share gains driven by distribution expansion and prudent underwriting, but no specific growth target given.
Management guidance growthDirectionally, NBV margins expected to improve due to scale and cost efficiencies, though no specific numbers provided.
Management guidance marginsAcquisition completed in April 2024; integration and utilization of Vidal network to begin next quarter.
Management guidance expansionFirst-time buyer share is ~40-43% and not showing recovery; small car segment continues to shrink, which could limit market share gains.
medium · management_commentarySteel prices rose ~2% sequentially in Q4; copper and aluminum are expected to increase, impacting margins. Management flagged these as concerns.
medium · management_commentarySUV share continues to rise, increasing fleet CO2 emissions. Future CAFE norms could require more aggressive green technology adoption, raising costs.
medium · analyst_questionExport margins are variable due to forex fluctuations and geopolitical risks; past markets like Algeria and Sri Lanka have seen sudden drops.
low · management_commentaryNo price hike in motor third-party for years; frequency of accidents rising, and regulatory approval for hike is uncertain, especially in an election year.
high · analyst_questionRegulator may reconsider surrender charge regulations; management declined to comment, indicating potential impact on product profitability.
medium · analyst_questionGrowth in government health and crop is tender-based and pricing-dependent; management may lose share if pricing becomes unfavorable.
medium · management_commentary37th month persistency dropped due to a specific partner bucket; 49th month may also be impacted, though overall persistency improving.
low · management_commentaryThe 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.
Bajaj continues to balance growth with profitability and consistently delivers a superior combined ratio versus the industry.
We are never into this rush of acquiring business just for the sake of acquiring business. It has to be done sensibly, because in generation business, it's a very long-term business.
