India's largest carmaker Maruti Suzuki reported 43 percent jump in standalone net profit at Rs 2623 crore for the quarter ended March 2023.
However, the profit figure was tad below Street estimate of Rs 2773 crore.
Revenue from operations grew 20 percent year-on-year to Rs 32,048 crore for the March quarter. The annual turnover of the company surpassed Rs 1 lakh crore mark.
On the operating front, EBITDA (earnings before interest, taxes, depreciation and amortization) jumped 38 percent to Rs 3,350 crore and margins improved 130 basis points on-year to 10.4 percent. Estimates had pegged EBITDA margin at 10.1 percent.
The company sold a total of 514,927 vehicles during the quarter, higher by 5.3 percent compared to the same period previous year. The board of directors recommended highest-ever dividend of Rs 90 per share, as per the exchange filing.
Capacity addition
The announcement on capacity addition front is a positive, as per analysts. "In light of the estimated market demand including exports, the board in principle approved the creation of additional capacity of up to 10 lakh vehicles per year," said the company.
Currently, Maruti Suzuki's capacity is around 13 lakh units in Manesar and Gurugram.