Maruti Suzuki India (MARUTI) Q2 24/25 earnings summary

Executive summary

• Achieved cumulative production of one crore units at Manesar, the fastest among Suzuki's global plants in 18 years.

• Inaugurated 500th Nexa outlet, now serving over 2.7 million customers in 300+ cities.

• Standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2024, were approved and reviewed without qualification by auditors.

• The business remains focused on manufacturing, purchase, and sale of motor vehicles, with ancillary activities supporting demand.

• Expanded warranty programs, now offering up to six years or 160,000 km coverage.

Financial highlights

• Q2 net sales: INR 355,891 million, nearly flat year-over-year; standalone revenue from operations for Q2 FY25 was ₹372,028 million, up from Q1 FY25.

• Q2 profit before tax: INR 51,005 million, up 6.3% year-over-year, highest ever.

• Q2 net profit: INR 30,692 million, down from INR 37,165 million due to INR 8,376 million provision from tax law changes.

• H1 net sales: INR 694,644 million, highest ever, up from INR 663,803 million last year; H1 FY'25 net sales grew 4.6% and PAT rose 8.3% year-over-year.

• Consolidated net profit for Q2 FY25 was ₹31,025 million, compared to ₹37,862 million in Q2 FY24.

Outlook and guidance

• Retail sales for April–October expected to grow 3.9% year-over-year.

• Full-year retail sales growth projected at 3–4%, in line with initial guidance.

• Festive period (Shradh to Diwali) retail sales up 14% year-over-year.

• Inventory expected to remain at or below one month, reducing discounting pressure.

• CNG and hybrid vehicle demand expected to remain strong; EV launch planned for January.