Maruti Suzuki India

On consolidated basis

Quarter ended September 2024 compared with Quarter ended September 2023.

Net sales (including other operating income) of Maruti Suzuki India has increased 0.29% to Rs 37449.2 crore.  Operating profit margin has declined from 14.22% to 13.35%, leading to 5.89% decline in operating profit to Rs 4,998.80 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 55.06% to 57.84%.   Purchase of finished goods cost fell from 15.10% to 13.08%.   Employee cost increased from 3.99% to 4.46%.   Other expenses fell from 11.93% to 11.33%.   

Other income rose 69.28% to Rs 1523.2 crore.  PBIDT rose 5% to Rs 6522 crore.  Provision for interest rose 22.51% to Rs 43 crore.  Loan funds declined from Rs 392.50 crore as of 30 September 2023 to Rs 158.40 crore as of 30 September 2024.  Inventories rose to Rs 6,976.90 crore as of 30 September 2024 from Rs 4,766.50 crore as of 30 September 2023.  Sundry debtors were higher at Rs 5,903.80 crore as of 30 September 2024 compared to Rs 4,461.90 crore as of 30 September 2023.  Cash and bank balance rose to Rs 2,094.70 crore as of 30 September 2024 from Rs 498.70 crore as of 30 September 2023.  Investments rose to Rs 57,819.60 crore as of 30 September 2024 from Rs 52,847.30 crore as of 30 September 2023 .  

PBDT rose 4.90% to Rs 6479 crore.  Provision for depreciation rose 3.26% to Rs 1385.7 crore.  Fixed assets increased to Rs 36,918.70 crore as of 30 September 2024 from Rs 20,833.30 crore as of 30 September 2023.  Intangible assets increased from Rs 636.90 crore to Rs 721.40 crore.  

Profit before tax grew 5.36% to Rs 5,093.30 crore.  Share of profit/loss was 18.45% lower at Rs 47.3 crore.  Provision for tax was expense of Rs 2038.1 crore, compared to Rs 1106.1 crore.  Effective tax rate was 39.65% compared to 22.61%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 18.06% to Rs 3,102.50 crore.  

Equity capital increased from Rs 151.00 crore as of 30 September 2023 to Rs 157.20 crore as of 30 September 2024.  Per share face Value remained same at Rs 5.00.  

Promoters' stake was 58.19% as of 30 September 2024 ,compared to 56.48% as of 30 September 2023 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Maruti Suzuki India has increased 4.80% to Rs 73228.6 crore.  

Operating profit margin has jumped from 12.64% to 13.90%, leading to 15.25% rise in operating profit to Rs 10,177.90 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 55.88% to 56.39%.   Purchase of finished goods cost fell from 14.97% to 14.13%.   Employee cost increased from 4.53% to 4.61%.   Other expenses fell from 12.12% to 11.20%.   

Other income rose 28.96% to Rs 2511.2 crore.  PBIDT rose 17.72% to Rs 12689.1 crore.  Provision for interest rose 22.92% to Rs 100.3 crore.  Loan funds declined from Rs 392.50 crore as of 30 September 2023 to Rs 158.40 crore as of 30 September 2024.  Inventories rose to Rs 6,976.90 crore as of 30 September 2024 from Rs 4,766.50 crore as of 30 September 2023.  Sundry debtors were higher at Rs 5,903.80 crore as of 30 September 2024 compared to Rs 4,461.90 crore as of 30 September 2023.  Cash and bank balance rose to Rs 2,094.70 crore as of 30 September 2024 from Rs 498.70 crore as of 30 September 2023.  Investments rose to Rs 57,819.60 crore as of 30 September 2024 from Rs 52,847.30 crore as of 30 September 2023 .  

PBDT rose 17.68% to Rs 12588.8 crore.  Provision for depreciation rose 2.31% to Rs 2717.4 crore.  Fixed assets increased to Rs 36,918.70 crore as of 30 September 2024 from Rs 20,833.30 crore as of 30 September 2023.  Intangible assets increased from Rs 636.90 crore to Rs 721.40 crore.  

Profit before tax grew 22.76% to Rs 9,871.40 crore.  Share of profit/loss was 12.73% lower at Rs 104.9 crore.  Provision for tax was expense of Rs 3114.1 crore, compared to Rs 1832.2 crore.  Effective tax rate was 31.21% compared to 22.45%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 8.42% to Rs 6,862.20 crore.  

Equity capital increased from Rs 151.00 crore as of 30 September 2023 to Rs 157.20 crore as of 30 September 2024.  Per share face Value remained same at Rs 5.00.  

Promoters' stake was 58.19% as of 30 September 2024 ,compared to 56.48% as of 30 September 2023 .  

Full year results analysis.

Net sales (including other operating income) of Maruti Suzuki India has increased 19.80% to Rs 141858.2 crore.  Operating profit margin has jumped from 11.06% to 13.06%, leading to 41.48% rise in operating profit to Rs 18,526.30 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 61.65% to 55.48%.   Purchase of finished goods cost rose from 10.69% to 14.91%.   Employee cost decreased from 4.46% to 4.43%.   Other expenses fell from 12.20% to 12.16%.   

Other income rose 80.75% to Rs 4093.5 crore.  PBIDT rose 47.27% to Rs 22619.8 crore.  Provision for interest fell 23.27% to Rs 193.6 crore.  Loan funds declined from Rs 1,247.60 crore as of 31 March 2023 to Rs 118.60 crore as of 31 March 2024.  Inventories declined from Rs 5,443.50 crore as of 31 March 2023 to Rs 5,318.10 crore as of 31 March 2024.  Sundry debtors were higher at Rs 4,596.80 crore as of 31 March 2024 compared to Rs 3,284.80 crore as of 31 March 2023.  Cash and bank balance rose to Rs 2,827.40 crore as of 31 March 2024 from Rs 2,748.50 crore as of 31 March 2023.  Investments rose to Rs 57,296.00 crore as of 31 March 2024 from Rs 49,184.30 crore as of 31 March 2023 .  

PBDT rose 48.45% to Rs 22426.2 crore.  Provision for depreciation rose 8.46% to Rs 5255.8 crore.  Fixed assets increased to Rs 34,915.40 crore as of 31 March 2024 from Rs 31,447.60 crore as of 31 March 2023.  Intangible assets increased from Rs 636.80 crore to Rs 684.20 crore.  

Profit before tax grew 67.34% to Rs 17,170.40 crore.  Share of profit/loss was 43.24% higher at Rs 254.1 crore.  Provision for tax was expense of Rs 3936.3 crore, compared to Rs 2174.5 crore.  Effective tax rate was 22.59% compared to 20.83%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 63.22% to Rs 13,488.20 crore.  

Equity capital stood at Rs 157.20 crore as of 31 March 2024 to Rs 157.20 crore as of 31 March 2023.  Per share face Value remained same at Rs 5.00.  

Promoters' stake was 58.19% as of 31 March 2024 ,compared to 56.48% as of 31 March 2023 .  

Cash flow from operating activities increased to Rs 16,801.10 crore for year ended March 2024 from Rs 10,814.60 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 9,199.90 crore, compared to Rs 8,064.80 crore during the year ended March 2023.  

Business Highlights

Last year, SMG was acquired to become a 100% subsidiary of MSIL. The Board considered the structure after the acquisition and gave an in-principle approval for the amalgamation of SMG with MSIL. The appointed date for the amalgamation is 1st April 2025, subject to all legal and regulatory compliances.

The Company sold a total of 541,550 vehicles during Q2 FY25, of which the domestic market volume was 463,834 vehicles and the export volume was 77,716 vehicles. While the domestic volume declined by 3.9% YoY, the export volume grew by 12.1% compared to the same period of the previous year.

The Company sold a total of 1,063,418 units during H1 FY25, comprising 915,142 units in the domestic market and at 148,276 units in the export market. While the domestic market sales declined by 0.3% YoY, the export sales volume grew by 11.9% YoY.

In Q2 FY25, net profit declined 18% YoY to Rs 3102.5 crore due to a provision of Rs 837.6 crore resulting from the withdrawal of indexation benefit and change in tax rate on long term capital gains on debt mutual funds as per the Finance Act 2024.

In Q2 FY25, mini+ compact sales contributed 44.9% of domestic sales, mid-size 0.4%, UVs 38.9%, Vans 7.5%, LCV 1.8% and sales to other OEMs 6.4%.

Maruti Suzuki India : Consolidated Results

Quarter ended Year to Date Year ended Particulars 202409 202309 Var.(%) 202409 202309 Var.(%) 202403 202303 Var.(%) Net Sales (including other operating income) 37,449.20 37,339.40 0.29 73,228.60 69,874.20 4.80 141,858.20 118,409.90 19.80 OPM (%) 13.35 14.22 -88 bps 13.90 12.64 126 bps 13.06 11.06 200 bps OP 4,998.80 5,311.50 -5.89 10,177.90 8,831.40 15.25 18,526.30 13,094.40 41.48 Other Inc. 1,523.20 899.80 69.28 2,511.20 1,947.30 28.96 4,093.50 2,264.70 80.75 PBIDT 6,522.00 6,211.30 5.00 12,689.10 10,778.70 17.72 22,619.80 15,359.10 47.27 Interest 43.00 35.10 22.51 100.30 81.60 22.92 193.60 252.30 -23.27 PBDT 6,479.00 6,176.20 4.90 12,588.80 10,697.10 17.68 22,426.20 15,106.80 48.45 Depreciation 1385.7 1341.9 3.26 2717.4 2656 2.31 5255.8 4846 8.46 PBT 5,093.30 4,834.30 5.36 9871.4 8041.1 22.76 17170.4 10260.8 67.34 Share of Profit/(Loss) from Associates 47.3 58 -18.45 104.9 120.2 -12.73 254.1 177.4 43.24 PBT before EO 5140.6 4892.3 5.08 9976.3 8161.3 22.24 17424.5 10438.2 66.93 EO Income 0 0 - 0 0 - 0 0 - PBT after EO 5140.6 4892.3 5.08 9976.3 8161.3 22.24 17424.5 10438.2 66.93 Taxation 2038.1 1106.1 84.26 3114.1 1832.2 69.97 3936.3 2174.5 81.02 PAT 3102.5 3786.2 -18.06 6862.2 6329.1 8.42 13488.2 8263.7 63.22 Minority Interest (MI) 0 0 - 0 0 - 0 0 - Net profit 3102.5 3786.2 -18.06 6862.2 6329.1 8.42 13488.2 8263.7 63.22 P/(L) from discontinued operations net of tax 0 0 - 0 0 - 0 0 - Net profit after discontinued operations 3102.5 3786.2 -18.06 6862.2 6329.1 8.42 13488.2 8263.7 63.22 EPS (Rs)* 98.68 120.43 -18.06 218.26 201.31 8.42 429.01 262.84 63.22 * EPS is on current equity of Rs 157.20 crore, Face value of Rs 5, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database