Maruti Suzuki Recorded Its Highest-Ever Quarterly Sale Volume, Net Sales and Net Profit in Q2 (July-September) FY2023-24

The Board of Directors of Maruti Suzuki India Limited today approved the financial results for the period Q2 (July-September) FY2023-24.

Highlights: Q2 (July-September), FY 2023-24

The Company recorded its highest-ever quarterly sale volume, net sales and net profit in this quarter.

During the quarter 552,055 vehicles were sold. Sales in the domestic market were 482,731 units while 69,324 cars were exported. The same period in the previous year had seen total sales of 517,395 units comprising 454,200 units in domestic and 63,195 units in export markets.

During the quarter, the Company registered net sales of INR 355,351 million against INR 285,435 million in the same period the previous year owing to higher sales volume and product mix.

The net profit for the quarter was INR 37,165 million, an increase of 80.3% over INR 20,615 million in Q2FY 2022-23. This was on account of higher Net Sales, softening of commodity prices, cost reduction efforts and higher non-operating income.

Highlights: H1 (April-September), FY 2023-24

In H1FY2023-24, the Company recorded its highest-ever half-yearly sales volume, net sales and net profit.

The Company sold a total of 1,050,085 units during the period, a growth of 6.6% over H1FY2022-23. Sales in the domestic market stood at 917,543 units and exports at 132,542 units.

The Company registered net sales of INR 663,803 million in H1FY2023-24 as compared to INR 538,298 million in H1FY2022-23.

The Company made a net profit of INR 62,016 million in H1FY2023-24 as against INR 30,743 million in H1FY2022-23.

Maruti to Launch Its 1st Hybrid Car in Partnership With Toyota

Representational Image Via - Adrian Balasoiu on Unsplash

While almost all automobile manufacturers are switching from fossil fuels to Lithium-ion based electric vehicles, India's largest auto manufacturer, Maruti Suzuki India is instead betting on hybrid cars vehicles powered by hybrid technology, natural gas and biofuels.

Quoting Maruti Suzuki Chairman R.C. Bhargava, an Economic Times (ET) report says that the company is planning to launch its first hybrid car under a partnership between its parent Suzuki Motor Corp. and Toyota within 12 months.

To recall, in August of 2009, Maruti partnered with Toyota to develop all kinds of green technologies and electric cars as well as CNG and hybrid cars, in order to cut oil imports and reduce air pollution. 

Hybrid cars are also a better alternative than EVs given India lacks adequate charging infrastructure, according to the Maruti Chairman.

Mentioning that India generates about 75% of its electricity from dirty coal, Bhargava said that the company reckons that vehicles powered by hybrid technology, natural gas and biofuels present a better path toward a cleaner future than electric cars. A recently released whitepaper do highlight that India would continue to rely on coal power, at least in the near future. 

The report further said that Maruti will additionally move “aggressively” into cars that run on compressed natural gas (CNG) because they’re cleaner than petrol or diesel models and cheaper than EVs, making them a viable option for low-income consumers who want to upgrade from a two-wheeler, he said. Although compressed natural gas is a fossil fuel, it’s one of the cleanest burning in terms of emissions. 

The ET report further quote the Maruti Chairman, saying — "Talking about electric cars without looking at the greenness of the electricity generated in the country is an inadequate approach to this problem.

However, according to a previous report of October last year, Maruti Suzuki is expected to launch its first all-Electric Vehicle (EV) by fiscal 2025.

Notably, India’s shift to electric vehicles is also much slower than other major markets like China and the US. According to an estimates, by 2030, electric passenger cars will make up only about 5% of total EV sales. More progress on the two- and three-wheeler front will bring the automobile battery-powered total to about one-third. 

Charging electric vehicles with clean energy and reducing dependence on coal is difficult in India. The country was forced to import millions of tons of coal after electricity demand soared amid scorching summer temperatures and rising industrial activity after the pandemic.

Last month, Suzuki Motor Corporation, Japan (SMC), Maruti Suzuki India Limited (MSIL), and IIT Hyderabad (IITH) have teamed up to research India-specific vehicle usage scenarios based on futuristic V2X (Vehicle-to-Everything) communication technology.

Maruti Suzuki's 1st EV in India By 2025 - Report

Maruti Suzuki India (Maruti), owned by Suzuki Motor Corporation, which is India's largest car manufacturer with a market share of 49% in the Indian passenger car market (as of September 2021) will launch its first all-Electric Vehicle (EV) by fiscal 2025, said a report by Nikkei Asia.

Notably, the company has been reportedly testing a WagonR based EV since long. The report further said that the new EV will be released first in India followed by launches in home market Japan and Europe.

Maruti had earlier announced that it would invest 1 trillion yen (US$9 billion) by March 2026 for research and development in the area of automotive electrification. As part of a shift to electric powered vehicles, Suzuki has already been offering hybrid cars in India.

In addition, Maruti is also setting up a lithium-ion batteries production plan, which will be for the company's hybrid cars. Maruti has recently tied up with Denso, a car parts maker, and Toshiba.

A couple of days back, Maruti has launched an industry-first AI (Artificial Intelligence) based 24x7 virtual car assistant app, called “S-Assist” for its NEXA customers.

To recall, in August of 2009, Maruti partnered with Toyota to develop all kinds of green technologies and electric cars as well as CNG and hybrid cars, in order to cut oil imports and reduce air pollution.

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Read more at: https://gaadiwaadi.com/maruti-suzuki-to-launch-its-first-ev-by-2025-in-india/