Maruti Suzuki’s annual sales volume crosses 2 million units

Maruti Suzuki India disclosed its fourth-quarter results for FY 2023-24, revealing a notable rise in net profit by 47.8% to Rs 3,877.8 crore compared to Rs 2,623.6 crore in the same period last fiscal year.

The annual sales volume of Maruti Suzuki has also surpassed 2 million units. The company has retained its position as the top exporter of passenger vehicles in India for the third consecutive year.

The company informed the exchange in its filing that the total revenue from sales in Q4 FY24 reached Rs 36,697.5 crore, up from Rs 30,821.8 crore in the corresponding period of the previous year.

The automaker’s Board has also proposed a dividend of Rs 125 per share, the highest-ever dividend by the company, and an increase from the dividend of Rs 90 per share in FY23. According to a release by the company, “The Board has recommended a dividend as mentioned in the notes to the financial results enclosed as Annexure- ‘A’. The date of payment of dividend is 3rd September, 2024, subject to the approval of the shareholders in the ensuing annual general meeting. The annual general meeting of the Company is scheduled to be held on 27th August, 2024.”

During the last FY 2023-24, the company had also achieved its highest-ever annual sales volume, exports, net sales, and net profit.

Throughout the fiscal year, the Company sold a total of 2,135,323 vehicles, representing an 8.6% growth over FY2022-23. Domestic sales volume reached 1,852,256 units, while exports stood at 283,067 units.

The company commenced exports in 1987 and now contributes nearly 40 per cent of the total vehicle exports from India. Recently Maruti Suzuki has also reached the cumulative milestone of producing over 3 crore car units in India.

During the last year, the company’s share has given a return of around 50 per cent on the National Stock Exchange, and on Friday’s trading session, it closed at Rs 12,760 per share.