Shares of Maruti Suzuki India surged over 2 percent to Rs 11,325 in morning trade on December 2 after the company reported a 10 percent on-year increase in total sales to 1,81,531 units in November 2024, up from 1,64,439 units in the same month last year.
Sales of mini cars, including S-Presso and Alto, were 9,750 units, down slightly from 9,959 units. Compact car sales (Dzire, Baleno, Celerio, Swift, Tour S, Ignis, WagonR) fell 5.1 percent to 61,373 units, compared to 64,679 units in November 2023.
Utility vehicle sales (Brezza, Grand Vitara, Ertiga, XL6) rose to 59,003 units from 49,016 units last year. Van sales of Eeco stood at 10,589 units, up from 10,226 units, while light commercial vehicle Super Carry sales reached 2,926 units, up from 2,509 units.
During the second quarter, India's largest manufacturer reported an 18 percent decline in net profit for Q2 FY25, falling to Rs 3,103 crore. The company’s July-September revenue from operations rose marginally by 0.3 percent year-on-year to Rs 37,449 crore, exceeding the poll estimate of Rs 37,128 crore.
Its net profit was hit by a deferred tax liability of Rs 1,018 crore, which was partially driven by regulatory changes impacting indexation benefits and tax rates on capital gains from debt mutual funds.
The weak earnings come amid a challenging domestic market, where volumes fell 3.9 percent to 4.64 lakh units in the quarter ended September 30. However, export volumes improved, rising 12.1 percent to 77,716 units, showing resilience in international demand.
At about 10:45 am, shares of the company were trading at Rs 11,285, higher by 2 percent from the last close on the NSE. Maruti Suzuki India stock has corrected 10 percent since the start of the year.