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Automotive manufacturer Maruti Suzuki has announced its results for the fourth quarter of FY23, wherein it reported a 43% YoY growth in profits.
For the quarter ended in March 2023, the company reported revenues of Rs 32,048 crores, up 20%, as EBITDA jumped 38% to Rs 3,350 crores. EBITDA margins were higher than estimates as they improved by 130 bps to reach 10.4%.
During the quarter, the company sold 514,927 vehicles, clocking an improvement of 5.3% in sales volumes. Profits for the quarter jumped 43% YoY to reach Rs 2,624 crores but missed the analysts' estimates.
For the year ended in March 2023, the company's revenues grew 34.25% YoY as they surged past the Rs 1 lakh crores mark to touch Rs 112,500.80 crores. Despite a shortage in auto components, the company sold 1.966 million units, improving sales volume by 19%.
Of total sales, 1.71 million units were sold domestically as 259K units were exported, making it the company's highest exports. The company's new models and product refreshers received good responses during the year, particularly its Utility Vehicles segment.
Profit for the entire year grew 114% to Rs 8,049.2 crores against Rs 3,766 crores reported in the corresponding period last year.
The company has also stated that it will be increasing its production capacity. The company has announced that it would increase its existing production capacity of 13 lakhs by 10 lakhs to meet the estimated surge in demand including exports.
The company has announced a dividend of Rs 90 per share for FY23, its highest ever. The stock of Maruti Suzuki closed at Rs 8,506.90 per share, up 0.45%.
- Aman Agarwal
Also Read, ICICI Bank investors cheer 30% jump in profits in Q4
