Team Blitz India
NEW DELHI: Maruti Suzuki India Limited (MSIL) on July 31 reported a 145.5 percent jump in its standalone net profit at Rs 2,485 crore during the first quarter of FY24. The company claimed that the steep rise in profits during the quarter was on account of larger sales volume, improved realisation, cost reduction efforts, and higher non-operating income.
The country’s largest passenger vehicle maker’s revenue for the quarter rose 22 percent YoY to Rs 32,326.94 crore. Industry analysts reckon that the company’s robust Q1 FY24 financials were buoyed by healthy volume growth, price hikes and a richer product mix.
MSIL’s PAT for Q1 FY23 stood at Rs 1,012.80 crore and net revenue from operations at Rs 26,499.8 crore.