Maruti Suzuki India (MARUTI) Q4 22/23 earnings summary

Executive summary

• FY23 sales reached a record 1,966,164 vehicles and production was the highest ever; revenue and profit also set records.

• Export volume hit a record 259,333 units, making exports the highest among passenger-vehicle makers in India for a second consecutive year.

• SUV launches and expanded green powertrains supported market recovery, while semiconductor shortages constrained production and left ~380,000 customer orders pending at year-end.

Financial highlights

• Standalone total revenue was ₹1,196,842 million vs ₹900,891 million YoY; revenue from operations was ₹1,175,229 million vs ₹882,956 million.

• Standalone PBT rose 121.7% to ₹101,591 million and PAT rose 113.7% to ₹80,492 million YoY.

• Consolidated revenue from operations was ₹1,175,713 million vs ₹883,298 million; consolidated PAT was ₹82,110 million vs ₹38,795 million.

• Standalone EPS was ₹266.46 vs ₹124.68; operating EBIT margin increased to 7.3% from 3.5%.

• Standalone operating cash flow reached ₹92,280 million vs ₹17,912 million YoY.

Outlook and guidance

• FY24 growth is expected to exceed industry growth; the passenger-vehicle market is forecast to grow 5–7%, while export sales volume is expected to remain stable.

• Capacity is planned to reach ~4 million vehicles annually by FY31; Kharkhoda’s first 250,000-unit plant is expected to start in 2025, with further plants phased in.

• The Kharkhoda site is scalable to 1 million units; a second site with 1 million units of planned capacity is being identified.

• Plans include six EV models by FY31 and a powertrain mix of 15% EV, 25% hybrid and 60% CNG, biofuels and conventional engines.

• Capacity expansion investment is expected to be funded from internal resources; exports are projected at 750,000–800,000 units by FY31.