After being caught unawares by the SUV craze, Maruti overtook Mahindra to become India's largest SUV maker in the first half of FY24. It’s now looking to replicate its small-car supremacy in this space, but its hatchback sales are struggling.
Maruti Suzuki Q4 Results: The profit figure was higher than the Street estimate of Rs 3046 crore. The Board has also recommended a final dividend of Rs 125 per share for the financial year 2023-24. For the full financial year, the automakers standalone PAT stood at Rs 13,209 crore, up over 64% YoY compared to Rs 8,049 crore reported in FY23.
Stocks that were in focus include names like Maruti Suzuki, which rose 2.53%, HDFC AMC, which declined 0.36%, and Adani Power, whose shares fell 1.63% on Wednesday.
Maruti Suzuki India's shares rose 4% to hit a new 52-week high, joining the club of stocks with a market capitalization of Rs 4 lakh crore, such as Reliance Industries and Larsen & Toubro.
The Maruti Suzuki stock which is also part of the S&P BSE Sensex index hit a fresh record high of Rs 11,537 on February 19, 2024. The momentum helped the stock to break out from a Symmetrical Triangle pattern on the daily charts which has opened room for further upside.
India's largest passenger carmaker on Wednesday reported over 33% jump in its consolidated net profit for the quarter ended December 2023 at Rs 3,206.8 crore vs Rs 2,406.1 crore reported in the year-ago period. Revenue for the quarter came in at Rs 33,512.8 crore vs Rs 29,251.1 crore a year ago, registering a 14.5% YoY growth.