Maruti Suzuki sees highest ever sales in FY23, net profit doubles
Company announces dividend at Rs 90/share & plan for additional creation of 10 lakh vehicles per year
Despite disruptions in the supply chain, Maruti Suzuki has posted its highest-ever volumes, exports, turnover, and profits in FY23.
The company’s net profit in FY23 doubled, crossing Rs 8,049 Cr from Rs 3,766 Cr in FY22 and revenue from operations surged 20% YoY to Rs 32,048 crore, according to the company filings.
For the first time ever, the car major breached a turnover of Rs 1 lakh crore.
The financial report doesn't mention the advertising spends. However, the company officials had told e4m earlier that it spent over Rs 800 cr in FY23 for advertising and promotional activities.
"The new models and product refreshers introduced during the year, especially in the Utility Vehicles segment received good market response," Maruti Suzuki said in a statement.
Sales volume in the year comprised 1,706,831 units in the domestic market and highest-ever exports of 259,333 units.
As far as the Q4 is concerned, the company's profit jumped 43% year-on-year (YoY) to Rs 2,624 crore.
Expansion
Buoyed with the growth, the company announces capacity expansion plan for additional creation of up to 10 lakh vehicles per year.
The total existing capacity is around 13 lakh units in Manesar and Gurugram. The investment required for the proposed capacity addition would be finalized in due time while framing the phases of installation of capacity.
