Highest ever monthly sales drive Maruti Suzuki to fresh all-time highs

Maruti Suzuki’s total sales in August also topped Noumra’s estimate. Domestic sales as well as exports each recorded a near 15 percent increase on year in August.

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Shares of automobile major Maruti Suzuki extended their gains from the previous session and soared 4 percent to hit a fresh record high of Rs 10,397.95 on September 1 after the company reported its highest-ever monthly sales numbers in August.

The automaker’s total sales stood at 1.89 lakh units in August, up 14.5 percent from the same month a year ago, also beating Nomura’s estimate of 1.85 lakh units.

Domestic sales also jumped 14.5 percent on month to 1.64 lakh units as against 1.43 units in the year ago period. Aligning with the trend, exports were also up 15 percent on year to 24,614 units as against 21,481 units in August of the previous fiscal.

Also Read | Maruti Suzuki reports highest ever monthly sales of 1,89,082 units in August

Apart from the monthly sales data, the company recently announced its intentions to consider a stock split as per requests from shareholders which has also aided sentiment for the stock.  The company also plans to invest Rs 45,000 crore ($5.4 billion) to double its annual production capacity to 4 million vehicles by 2031.

The bullishness around the company’s prospects, as it aims to achieve a substantial market share in the Special Utility Vehicle, which is expected to fuel margin improvement in the second half of the current fiscal, has been a major positive for the stock.

Analyst view

The stock had also hit a record high in the previous session in anticipation of strong monthly sales. Adding to the positive sentiment was global brokerage firm JP Morgan’s analysis that placed Maruti Suzuki under its positive catalyst watch.

Also Read | Maruti Suzuki hits record high, J P Morgan puts stock on positive watch: ‘May outperform’

Analysts also believe that the consensus anticipates optimistic scenarios, including the sustenance of market share growth and enhanced profit margins for Maruti Suzuki, even in the face of increasing discounts and inventory levels. JP Morgan’s report further forecasts the possibility of the stock outperforming the broader market.

Shares of Maruti Suzuki India settled with 3.27 percent gains at Rs 10,331.25 on the National Stock Exchange. Trading volumes were also strong as 13 lakh shares changed hands on the exchanges as against the one-month daily traded average of 5 lakh shares.

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