Maruti Suzuki India reports strong Q1FY24 performance with impressive vehicle sales and record net profit

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Maruti Suzuki India Limited showcase impressive growth and achievements in various areas. In the domestic market, passenger vehicle wholesales saw a significant 12.2% increase, outpacing the industry's growth rate. The company achieved a market share of approximately 20% in the SUV segment, supported by a robust product lineup.

It also attained leadership in the price segment of INR 10-20 lakh. The debut of Invicto, powered by a strong hybrid powertrain, further strengthened their presence in the INR 20 lakh+ price range. The service network expanded to over 4,500 touchpoints, enhancing customer support.

Regarding exports, Maruti Suzuki continued to be the largest exporter of passenger vehicles from India, exporting around 63,000 units. The export portfolio expanded with the introduction of Fronx exports to Latin America, the Middle East, and Africa. The company focused on reducing its carbon footprint, achieving the highest ever quarterly sales of CNG vehicles, surpassing 113,000 units.

CNG penetration also increased to around 27%. Additionally, over 1 lakh vehicles were dispatched through railways, accounting for approximately 22% of overall dispatches, contributing to more sustainable logistics. In line with their commitment to environmental responsibility, Maruti Suzuki announced plans to set up two solar plants with a combined capacity of around 22MWp by FY'25.

This initiative will increase their overall solar capacity to about 48MWp, further demonstrating their dedication to sustainability and renewable energy. Maruti Suzuki India Limited's Q1FY24 financial results show strong performance with a 6.4% YoY increase in vehicle sales, totaling 498,030 units. Domestic sales saw a significant growth of 9.1% with 434,812