Maruti Suzuki India Ltd (MSIL), the country’s largest carmaker, reported a 7.3 percent year-on-year rise in net profit for the July–September quarter, with earnings reaching ₹3,293 crore compared to ₹3,069 crore in the same period last year.
The performance reflects steady volume growth and strong demand for premium models, even as margins came under pressure from higher input costs and competitive pricing in the domestic market.
Revenue from operations climbed 13.1 percent to ₹42,101 crore, up from ₹37,203 crore a year earlier, supported by robust demand in both domestic and export markets.
However, operating profit remained largely flat, with earnings before interest, taxes, depreciation, and amortisation (EBITDA) at ₹4,434 crore versus ₹4,417 crore in the year-ago quarter.
The EBITDA margin slipped to 10.5 percent from 11.9 percent, as rising raw material prices and increased marketing expenses weighed on profitability.
Maruti Suzuki said the company’s top line benefitted from a favourable product mix, including higher sales of its SUV models such as the Brezza, Grand Vitara, and Fronx.
Exports also continued to perform well, helping offset soft demand in the entry-level hatchback segment.
The company sold around 552,000 vehicles during the quarter, compared to 517,000 units in the corresponding period last year.
Analysts noted that while the revenue growth was strong, the muted profit increase and shrinking margins underscore the challenges facing India’s auto industry.
The combination of elevated input costs, rising interest rates, and slowing demand in rural markets has affected profitability across the sector.
Maruti, however, has managed to maintain its leadership position by expanding its premium offerings and increasing its share in the SUV category.
Despite the dip in margins, company executives expressed confidence in sustaining growth through the rest of the fiscal year.
They cited ongoing efficiency improvements, cost optimisation, and a strong product pipeline, including upcoming hybrid and electric models, as key enablers of long-term performance.
The company also noted that export markets continue to be a bright spot, with shipments to Latin America, Africa, and Southeast Asia contributing meaningfully to overall growth.
In addition, domestic demand for higher-end variants and compact SUVs has helped improve the company’s average selling price, partially offsetting cost pressures.
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