Maruti Suzuki India, the leading passenger car manufacturer in the country, has reported outstanding financial results for the quarter ending September 2023. The company revealed a standalone net profit of ₹3,716.5 crore, representing a remarkable increase of 80.28% compared to ₹2,061.5 crore in the same quarter the previous year.

In its exchange filing, Maruti Suzuki attributed this significant profit surge to several key factors. These include increased non-operating income, lower commodity prices, improved net sales, and rigorous cost-cutting initiatives that have all contributed to the company's impressive financial performance.

The automaker's standalone revenue for Q2FY24 witnessed substantial growth, surging by 23.8% to ₹37,062.1 crore from ₹29,930.8 crore, year-on-year.

According to the company's exchange filing, a total of 552,055 vehicles were sold during the quarter, with 482,731 vehicles sold in the domestic market and 69,324 cars exported. This reflects a noteworthy increase compared to the same period the previous year when sales totaled 517,395 units, comprising 454,200 units in domestic markets and 63,195 units in export markets.

The company's operational performance has also seen remarkable improvements. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 72.8% to ₹4,784 crore from ₹2,768 crore, while the EBITDA margin expanded by 360 basis points (bps) to 12.9% from 9.3%, year-on-year.

Maruti Suzuki's exchange filing underlines that the key drivers behind this margin improvement include enhanced realizations, a reduction in commodity prices, cost-saving efforts, relatively stronger sales volume leading to improved capacity utilization, and increased non-operating income.

Furthermore, the company's half-yearly sales volume, net sales, and net profit have reached record highs in H1FY2023–2024. With a 6.6% increase over H1FY2022-23, Maruti Suzuki sold a total of 1,050,085 units during the period. Among these, 132,542 units were exported, while 917,543 units were sold domestically.

These exceptional results underscore Maruti Suzuki's continued dominance in the Indian automotive market and its ability to navigate challenges while delivering strong financial performance.