Maruti Suzuki Q4 Results: Net profit jumps 43% YoY to Rs 2,624 crore; dividend announced at Rs 90/share

Maruti Suzuki's standalone net profit jumped 43% year-on-year (YoY) to Rs 2,624 crore for the fourth quarter ended March 2023. It was Rs 1,839 crore in the same period last year.

The Delhi-based auto major's revenue from operations surged 20% YoY to Rs 32,048 crore for the fourth quarter. The same stood at Rs 26,740 crore a year ago.

The profit beat ET NOW poll estimate, which saw the figure around Rs 2,502 crore, while revenue was below expectations. ET NOW analysts estimated the topline to be at Rs 32,529 crore.

The board has approved a dividend of Rs 90 per share for the financial year 2022-23.

Further, the Board has given in-principle approval for additional creation of up to 1 million vehicles per year. The total existing capacity is around 13 lakh units in Manesar and Gurugram. The investment required for the proposed capacity addition would be finalised in due time while framing the phases of installation of capacity.

The company's operating profit for the quarter surged 47% YoY, mainly on account of higher sales volume, improved relalization from the market and favourable forex movement.

Operationally, Maruti Suzuki sold a total of 514,927 vehicles during the quarter under review, higher by 5.3% compared to the same period previous year.

In the fourth quarter, the sales in the domestic market stood at 450,208 units, up 7.1% over that in Q4FY22. Meanwhile, the sales in the export market were at 64,719 units as compared to 68,454 units in Q4FY22.

For the full year ending March, the company's annual turnover crossed the Rs 1 lakh crore mark.

"In its 40th anniversary year, despite the shortage of electronic components, the company recorded its highest-ever annual sales volume. The annual turnover of the Company surpassed Rs 1 lakh crore mark," the company said in a release.

Net profit for the year more than doubled to Rs 8,049 crore from Rs 3,766 crore in FY22.

Maruti said its new models and product refreshers introduced during the year specially in the utility vehicles segment received good market response.

Following the announcement of the results, Maruti shares were trading 0.43% higher at Rs 8,504.95 on NSE. The index heavyweight has offered flattish returns so far this year.