Maruti Suzuki to announce Q1FY24 earnings on 31 July; here’s what to expect

In its regulatory filing, Maruti said, “We hereby intimate that a meeting of the board of directors of the Company is scheduled to be held on Monday, the 31st July 2023, to consider and approve, inter-alia, the unaudited financial results for the quarter ended on 30th June 2023.”

In its preview report, Kotak Institutional Equities for Maruti Suzuki, said, “We expect revenues to increase by 20% yoy led by (1) 6% yoy increase in volumes and (2) 12% yoy increase in ASPs due to price increases and a richer product mix (higher mix of SUV segment) in 1QFY24.”

It added, “We expect EBITDA margin to decline by 60 bps qoq led by (1) marginal decline in volumes, (2) higher discounts per vehicle and (3) higher advertisement spends on account of newer launches.”

However, Maruti’s quarter-on-quarter performance will be under pressure.

Hence, Kotak expects Maruti’s revenue at ₹31,781.9 crore in Q1FY24, up by 19.9% YoY but down by 0.8% sequentially. EBITDA is seen at ₹3,122.2 crore, up by 63.3% YoY but expected to fall by 6.8% QoQ. Meanwhile, reported PAT is factored at ₹2,296.3 crore, recording a growth of 126.7% YoY but a decline of 12.5% QoQ.

Maruti has already announced its sales figures for the quarter ending June 30, 2023. The company’s total sales including domestic and export stood at 498,030 between April-June 2023 as against 467,931 units sold in the corresponding period of the previous year.

Of the total, domestic sales stood at 434,812 vehicles in Q1FY24, rising from 398,494 units sold in Q1 of previous fiscal. However, exports declined to 63,218 vehicles in Q1 of FY24 as against 69,437 units in same quarter a year ago.

On BSE, Maruti’s stock price closed at ₹9,850.50 apiece, marginally down on Friday from the previous print. In the trading week that ended on July 7th, the stock climbed nearly a percent.

So far in 2023, Maruti’s share price has jumped by over 17% on BSE.

Updated: 08 Jul 2023, 09:19 PM IST