Maruti Suzuki Posts Higher Quarterly Net Profit on Stronger Sales — Update

By Kosaku Narioka

Maruti Suzuki India reported a rise in fourth-quarter net profit, thanks to sales growth and lower commodity prices.

The Indian automaker said Friday that net profit climbed 47% from a year earlier to 39.52 billion rupees ($474.6 million) for the three months ended March.

Fourth-quarter revenue increased 19% to INR384.71 billion as sales grew 13% to 584,031 vehicles. Besides sales growth, favorable commodity prices and cost cuts also helped boost the bottom line, the company said.

Its net profit margin improved to 10.6% from 8.5% a year earlier.

Maruti Suzuki posted record annual sales of 2.1 million units, including 283,067 units exported. Sport-utility vehicles led sales growth.

The company aims to nearly double its annual production capacity to four million vehicles over the next seven to eight years. Earlier this month, the automaker commissioned another assembly line to manufacture an additional 100,000 units a year at its Manesar facility near New Delhi.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

April 26, 2024 07:15 ET (11:15 GMT)

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