Maruti Suzuki India reported a 47.8 per cent increase in net profit at ₹3,877.8 crore for the March quarter, on the back of a higher sales volume and favourable commodity prices. The company had posted a net profit of ₹2,623.6 crore a year ago.

The country’s largest car maker surpassed the annual total sales milestone of 2 million units for the first time in 2023-24.

During the whole of FY24, Maruti Suzuki India reported a net profit of ₹13,209.4 crore, 64 per cent higher than ₹8,049.2 crore in FY2023, it said in a regulatory filing.

“The company was able to improve its net profit on account of higher sales volumes, favourable commodity prices, cost reduction efforts and higher non-operating income,” Maruti Suzuki India stated.

The company continued to be the top exporter for the third consecutive year, contributing 41.8 per cent of the total passenger vehicle exports from India, it added.

The company sold a total of 21,35,323 vehicles during the year, registering a growth of 8.6 per cent over FY23. Sales volume in the domestic market stood at 18,52,256 units and exports at 2,83,067 units.

Maruti Suzuki registered a net sales of ₹1,34,937.8 crore in FY24, a growth of 19.9 per cent over the net sales of ₹1,12,500.8 crore in FY23.

During the fourth quarter, Maruti Suzuki sold 5,84,031 vehicles, 13.4 per cent higher than the year-ago period.

The sales volume in the domestic market stood at 5,05,291 units in the quarter under review.

The sales volume in the export market was 78,740 units, 21.7 per cent higher than 64,719 units in the March quarter of FY23.

During the quarter, the company registered net sales of ₹36,697.5 crore against ₹30,821.8 crore in the same period of the previous year.

The board of directors of the company recommended highest-ever dividend of ₹125 per share (face value of ₹5 per share) compared with ₹90 per share in FY23.

Addressing a virtual media briefing, chairman R.C. Bhargava said the company will start production of the first electric vehicle in the current fiscal.

“As far as EVs are concerned, we will start production in this financial year. We have a commitment to export the first lot of cars to Europe,” he said.

The domestic market may not see EV cars in reasonable numbers this financial year... maybe in the next fiscal year, he said, while replying to a query.

Sales of passenger vehicles in India have risen to record levels over the last two fiscal years, with SUVs, which account for one in two cars sold, fuelling the growth.