Maruti Suzuki India (MARUTI) Q1 24/25 earnings summary

Executive summary

• Commissioned a new assembly line at Manesar, increasing capacity to 900,000 vehicles per annum and launched the fourth-generation Swift with new technology and features.

• Achieved over 3,000 Arena sales outlets and 5,000 service touchpoints, and expanded renewable energy use, targeting 78.2 MW solar capacity by FY25.

• Standalone and consolidated unaudited financial results for the quarter ended June 30, 2024, were reviewed and approved by the Board, with auditors issuing unmodified review reports for both.

• Net sales for Q1 FY25 increased by 9.8% year-over-year to INR 338,753 million, with sales volume up 4.8% to 521,868 units.

• Operating EBIT rose 68.7% year-over-year, while PAT grew 46.9% to INR 36,499 million.

Financial highlights

• Standalone revenue from operations was ₹355,314 million, up from ₹323,269 million year-over-year.

• Standalone net profit for the quarter was ₹36,499 million, compared to ₹24,851 million in the same quarter last year.

• Consolidated revenue from operations reached ₹368,399 million, up from ₹325,348 million year-over-year.

• Consolidated net profit for the quarter was ₹37,597 million, compared to ₹25,429 million in the same quarter last year.

• Domestic sales grew 3.8% year-over-year to 451,308 units; exports increased 11.6% to 70,560 units.

Outlook and guidance

• The arrangement with Suzuki Motor Gujarat for 'no-profit no-loss' supply of vehicles and parts has been extended to March 31, 2025, supporting continued operational stability.

• Industry growth expectations remain muted due to a high base and recent rapid expansion, but long-term fundamentals are strong.

• Export outlook for FY25 remains at 300,000 units, with growth in Middle East and Latin America.

• CNG vehicle share expected to continue at 33%-35% for the full year, with increased supply and production capacity.