Higher sales volume, favourable commodity prices, and higher non-operating income led Maruti Suzuki India (MSIL) to grow its consolidated net profit 47 per cent year-on-year to ₹3,952 crore in the fourth quarter that ended on March 31, compared to ₹2,687 crore in the same period last year.

Consolidated total income also rose by 20 per cent YoY to ₹39,654 crore in the fourth quarter as against ₹33,015 crore in January-March quarter in 2023.

The company sold 5,84,031 vehicles during the quarter, higher by 13.4 per cent compared to 5,14,927 units in the same period previous year.

On an annual basis, the company reported a consolidated net profit of ₹13,488 crore, a jump of 63.23 per cent as compared with ₹8,263 crore in FY23. Total income also grew by 21 per cent in the last financial year to ₹1,45,951 crore as compared with ₹1.20,674 crore in FY23.

The company sold 21,35,323 vehicles during the year, an 8.6 per cent increase over 19,66,164 units in FY2022-23.

Regarding the growth outlook, RC Bhargava, Chairman of MSIL, told reporters that while the industry may be looking at a much lower growth partly because of a high base last year, Maruti will aim for double-digit or double-digit growth this year.

“If the conditions become what we think could become after the elections, then Maruti will be in a position for close to double digit growth in the coming year. We should try and aim for that because people will be willing to buy new cars as inflation will be under control in FY2024-25 and that will lead to interest rate becoming low in the second half of the year,” he said.

He noted that the new government will have a very good base from which to proceed. He hoped that, at the beginning of the first year, new measures taken by the new government would propel the economy and industry forward at a much faster pace.

“I think the car industry should also look forward to a year which is a good in all respect,” he added.

On the expansion plan at the Kharkhoda (Sonipat) facility, he said it is proceeding smoothly. MSIL expects the first line to start production before the end of this financial year and thereafter to be able to add one new production line every 12 months.

“We have not been able to finalise our second site for the expansion programme because before we could sign all the necessary papers, the code of conduct came into force and so everything had to be put on hold,” Bhargava said.

Meanwhile, the company’s Board of Directors recommended the highest-ever dividend of ₹125 per share (face value of ₹5 per share) compared to ₹90 per share in FY23.