Maruti Suzuki stock hits record high on stellar Q2 show

Auto analysts say the significant volume jump was largely due to new SUV rollouts as well as discounts for low-end car models during the second quarter

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Shares of Maruti Suzuki rose to a record high on October 27 after India’s biggest car manufacturer reported highest-ever quarterly sale volume, net sales and net profit in the September quarter of the current financial year.

The stock price rose to a record high of Rs 10,846.10 before giving up some of the gains to end the day at Rs 10536.50 on BSE, up 1.09 percent from the previous day.

During the quarter, Maruti sold 552,055 cars. It sold 482,731 vehicles in the domestic market and exported 69,324 units. In the year-ago period, it sold 517,395 cars, 454,200 of them in the domestic market and 63,195 abroad.

During the quarter, the company registered net sales worth Rs 35,535.1 crore against Rs 28,543.5 crore in the year-ago period due to higher sales volume and product mix. Higher net sales, softening of commodity prices, cost reduction efforts and higher non-operating income aided the gains.

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) or operating profit went up 72.8 percent to Rs 4,784 crore for a year ago. Its EBITDA also expanded 360 basis points (bps) to 12.9 percent.

One basis point is one-hundredth of a percentage point.

Auto analysts said the significant volume jump was largely due to new SUV rollouts as well as discounts for low-end car models during the second quarter.

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