Maruti Suzuki India Share Price Hits 52-Week High

Maruti Suzuki India Share Price Hits 52-Week High/Company website

VoM News Desk | March 27, 2024 | 11:08 PM IST | Breaking News | Follow on Google News

Maruti Suzuki India Share Price Hits 52-Week High

Maruti Suzuki India Share Price Hits 52-Week High

Shares of Maruti Suzuki India, the country’s largest car manufacturer, soared over three per cent to hit a 52-week high of ₹12,724.95 apiece on the BSE today, breaching the ₹4 lakh crore-mark in market capitalization during intra-day trade.

Strong Performance and Financial Results

Maruti Suzuki reported impressive financial results for the quarter ended December 2023, with a consolidated net profit increasing by over 33 per cent to ₹3,206.8 crore compared to the year-ago period. The company’s revenue for the quarter also witnessed a significant growth of 14.5 per cent year-on-year (YoY), reaching ₹33,512.8 crore.

The operating income, although down by 21.06 per cent sequentially, showed a substantial increase of 45.05 per cent YoY. Additionally, the sales volume for the quarter stood at 501,207 units, representing a 7.6 per cent rise on an annual basis.

Positive Outlook and Recommendations

Religare Broking, a domestic brokerage firm, remains overweight on Maruti Suzuki India, citing a potential upside of 24.8 per cent at a target price of ₹12,715. The firm highlights Maruti’s leading position in the passenger vehicle industry with a market share of 42.9 per cent in the domestic market and consistent growth in export volumes.

The shift towards a dedicated utility vehicle (UV) portfolio has contributed to strong revenue and realization growth for the company. Religare Broking anticipates continued volume growth driven by UVs, along with new launches and renewed models in the mid and compact segments.

Conclusion

With robust financial performance and positive outlook, Maruti Suzuki India continues to be a key player in the automotive industry, poised for further growth and expansion in the coming quarters.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.