Maruti Suzuki shares jump 4%, hit fresh 52-week high on strong Q2 earnings
Maruti Suzuki India (MSIL) jumped over 4% to hit their fresh 52-week high of Rs 10,845 on the NSE following a robust September quarter earnings during market hours on Friday. It was one of the most active stocks on the NSE around 2:30 pm.
The price action lifted the Nifty Auto index, which turned out to be the top performing index on Friday with all 15 stocks trading in the green.
India's leading automaker Maruti Suzuki's standalone net profit surged 80% year-on-year (YoY) to Rs 3,716 crore in the quarter ended September. The same stood at Rs 2,061 crore in the year-ago quarter.
The profit was higher than the ET Now Poll estimates of Rs 3,095 crore.
Revenue from operations during the second quarter increased 24% YoY to Rs 37,062 crore.
Maruti said it recorded its highest-ever quarterly sales volume, net sales, and net profit in this quarter.
While strong net sales in the reporting quarter were attributed to better sales volume and product mix, softening of commodity prices and cost reduction efforts contributed to robust profit growth.
While strong net sales in the reporting quarter were attributed to better sales volume and product mix, softening of commodity prices and cost reduction efforts contributed to robust profit growth.
During the quarter, the company sold 5.52 lakh vehicles (up 7% YoY), with domestic sales at 4.82 lakh units and 69,324 cars were exported. The same period in the previous year had seen total sales of 5.17 lakh units comprising 4.54 units in domestic and 63,195 units in export markets.
Maruti Suzuki, which has been focusing heavily on SUVs of late, achieved a market share of 23.3% in the segment.
EBITDA for the quarter at Rs 4,784 crore, also beat poll estimate (Rs 4,113 crore) by a wide
