New Delhi, April 26, 2024 — Maruti Suzuki India Limited has shattered its own records by surpassing annual sales of 2 million units for the first time in the financial year 2023-24, announced the company’s Board of Directors. This landmark achievement is complemented by the highest-ever annual sales volume, exports, net sales, and net profit recorded by the company.
In FY2023-24, Maruti Suzuki sold a staggering 2,135,323 vehicles, marking an 8.6% increase over the previous year, with domestic sales accounting for 1,852,256 units and exports reaching 283,067 units. This robust performance reinforces its position as India’s top exporter of passenger vehicles for the third consecutive year, contributing a significant 41.8% of the nation’s total passenger vehicle exports.
Financially, the company’s net sales soared to INR 1,349,378 million, up 19.9% from INR 1,125,008 million in FY2022-23. The net profit surged by an impressive 64% to INR 132,094 million, up from INR 80,492 million in the previous year. The remarkable profit growth was fueled by increased sales volume, favorable commodity prices, diligent cost reduction efforts, and enhanced non-operating income.
In the fourth quarter alone, Maruti Suzuki experienced a 13.4% increase in vehicle sales compared to the same period last year, with domestic sales climbing 12.2% and exports jumping 21.7%. The company’s net sales for the quarter were INR 366,975 million, and the net profit reached INR 38,778 million, up 47.8% from the previous year’s Q4.
Capping off the year of record-setting performance, Maruti Suzuki’s Board of Directors has recommended an unprecedented dividend of INR 125 per share, a substantial increase from INR 90 per share in FY2022-23. This announcement underscores the company’s commitment to delivering value to its shareholders and confidence in sustained future growth.
