In a statement released on April 1st, Maruti Suzuki announced that it achieved a milestone by exceeding annual total sales of two million vehicles in the financial year 2023-24, CNBC-TV18 reports. This accomplishment includes the highest-ever domestic sales and exports recorded by India’s leading car manufacturer.
In the last fiscal year, the automaker sold 21.35 lakh cars, marking an 8.6 percent growth from the preceding financial year, during which it recorded 19.66 lakh car sales. The firm noted that total sales encompass the highest ever domestic sales of 1,793,644 units and the highest ever exports of 283,067 units.
Maruti Suzuki achieved total sales of 1.87 lakh units in March 2024, comprising 1.56 lakh units in domestic sales, 4,974 units sold to other original equipment manufacturers (OEMs), and 25,892 units exported. This represents a 10 percent increase in total sales for the month. Throughout the fiscal year, the company saw an overall growth of 8.6 percent in total sales, reported CNBC-TV18.
What’s driving sales?
Despite a decline in sales for Maruti’s mini, compact, and midsize cars, the significant increase in SUV sales more than offset this dip and contributed to driving the overall passenger vehicle sales to a higher level.
During the full fiscal year, sales of the mini segment cars Alto and S-Presso declined by 39 percent while there was a 2 percent growth in March compared to the previous year. Compact cars, which include Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR, experienced a 4 percent decline in FY24 compared to FY23 and a 2.7 percent dip in March year-on-year.
In contrast, SUV sales, encompassing models such as Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, S-Cross, and XL6, experienced a remarkable 75 percent year-on-year growth in the previous financial year and a 57.7 percent surge in March. As a result, there was an overall increase of 9.5 percent in passenger vehicle sales for FY24 and a 15 percent year-on-year rise in March 2024.
In contrast, Maruti’s commercial vehicles experienced sales declines of 10 percent and 11 percent year-on-year in March 2024 and the fiscal year 2023-24, respectively. Following the monthly business update, shares of Maruti Suzuki concluded 0.2 percent lower at Rs.12,584.80 on the BSE.