Maruti Suzuki India (MARUTI) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 net sales rose to INR 368 billion, up 15.5% year-over-year, with sales volume reaching 566,213 units and consolidated net profit at INR 37,269 million, a 16% increase year-over-year.

• Launched first electric SUV, e VITARA, with advanced safety and technology features, targeting domestic and export markets, and aiming to be India's largest EV manufacturer within the first year.

• Achieved significant milestones: 3 million Dzire units produced, 2 million vehicles produced in a calendar year, and 25 years of WagonR with 3.2 million customers.

• Exported 99,020 vehicles in Q3, the highest ever in a quarter, with exports now accounting for nearly 49% of India's total passenger vehicle exports.

• Board approved the amalgamation of Suzuki Motor Gujarat Private Limited with Maruti Suzuki India Limited, subject to regulatory approvals.

Financial highlights

• Q3 FY25 net sales reached INR 368 billion, up from INR 318.6 billion year-over-year, with consolidated EBITDA and EBIT margins improved.

• Net profit for Q3 was INR 35.25 billion, a 12.6% increase over the previous year; consolidated net profit was INR 37,269 million, up 16% year-over-year.

• Nine-month (April–December) net sales were INR 1,063 billion, with net profit at INR 102.4 billion, both record highs.

• Q3 domestic sales grew 8.7% year-over-year to 466,993 units; total Q3 sales were 566,213 units, with exports up 38.2%.

• Export revenue for the quarter was approximately INR 6,500 crore.

Outlook and guidance

• Retail sales growth of 3.5% expected to continue in Q4; demand environment remains subdued and weak for the near term.

• Rural markets outperformed urban, with 15% rural retail growth in Q3 versus 2.5% urban.

• Price hike of about 30 basis points on net sales recently implemented to offset inflationary pressures.

• No significant non-recurring costs expected in Q4.

• Board approved a Scheme of Amalgamation with Suzuki Motor Gujarat Private Limited, subject to regulatory approvals.