Maruti Suzuki Q1 net profit jumps 47pc to Rs 3,650 crore

Maruti Suzuki Q1 net profit jumps 47pc to Rs 3,650 croreJuly 31, 2024New Delhi, July 31 (IANS) Leading carmaker Maruti Suzuki India Limited on Wednesday reported a 46.9 per cent jump in net profit to Rs 3,649.9 crore for the April-June quarter of the current financial year from Rs 2,485.1 crore in the same quarter of 2023-24.”This was broadly on account of cost reduction efforts, favourable commodity prices and foreign exchange gains,” according to a company statement.Maruti Suzuki registered net sales of Rs 33,875.3 crore during the quarter as against Rs 30,845.2 in the same period of FY 2023-24.The company sold a total of 521,868 vehicles during the first quarter of 2024-25, higher by 4.8 per cent compared to the same period of the previous year.The sales in the domestic market during the quarter stood at 451,308 units, up by 3.8 per cent over the corresponding figure in Q1FY24. The export sales were at 70,560 units, a growth of 11.6 per cent over Q1FY24.The shares of the company rose 3.67 per cent to Rs 13,346.05 on the NSE, jumping after the results were announced.Maruti Suzuki has ambitious plans of setting up a new automobile production plant in Gujarat which a total investment of Rs 35,000 crore.The company aims to start operations from the plant in FY2028-29 and gradually scale up capacity to 1 million units.The company has also announced the establishment of a fourth production line of Suzuki Motor Gujarat Private by investing Rs 3,200 crore to increase production of electric vehicles in the future.The fourth line is expected to start operation from FY2026.With the completion of the fourth line, the annual production capacity of Suzuki Motor Gujarat will increase from the current 7,50,000 units to 1 million units.Combined with the new plant in Gujarat, the total production capacity in Gujarat will be 2 million units.–IANSsps/pgh