Mega player reports strong sales performance in October 2023: Know more here!
The Company also recorded its highest ever monthly domestic sales of 171,941 units.
The Maruti Suzuki India Limited was founded in 1981 through a joint venture agreement between the Indian government and Suzuki Motor Corporation (SMC), Japan, formalized in 1982. In 2002, the company transitioned to becoming a subsidiary of SMC. It has since emerged as the dominant market leader in India's passenger vehicle segment, achieving the highest production volume and sales figures within SMC's subsidiary portfolio.
The upcoming festive season sparks a surge in sales. On November 01, 2023, the sales figures for the automotive industry are as follows:
In the mini and compact car segment a total of 95,230 units were sold in comparison to 98,621 units in the same period last year. For the fiscal year 2023-24, the total sales in this segment reached 586,709 units, a decline from 653,105 units in the previous fiscal year.
In the mid-size car category 695 units were sold in October 2023, and a total of 8,136 units were sold in the current fiscal year. This marks a decrease from the 1,884 units sold in October 2022 and the 8,810 units sold in the fiscal year 2022-23.
The passenger car segment, including mini, compact, and mid-size cars, witnessed a total of 95,925 units sold in October 2023, down from 100,505 units in the same month of the previous year. The fiscal year 2023-24 reported sales of 594,845 units, a decrease from 661,915 units in the prior fiscal year.
In the utility vehicles segment a total of 59,147 units were sold in October 2023, an increase from the 30,971 units sold in October 2022. For the fiscal year 2023-24, the total sales in this category reached 365,615 units, a significant rise from 194,601 units in the previous fiscal year.
When considering the total domestic sales, including both PV and LCV (PV+LCV), October 2023 saw 171,941 units sold, an increase from 143,250 units in October 2022. For the fiscal year 2023-24, the total domestic sales (PV+LCV) reached 1,060,544 units, up from 957,309 units in the previous fiscal year.
In total, the domestic sales, including PV, LCV, and OEM (PV+LCV+OEM), for October 2023 were 177,266 units, showing growth from 147,072 units in October 2022. The fiscal year 2023-24 reported total domestic sales of 1,094,809 units, up from 999,766 units in the prior fiscal year.
Furthermore, export sales in October 2023 amounted to 21,951 units, an increase from the 20,448 units in October 2022. For the fiscal year 2023-24, total export sales were 154,493 units, up from 153,080 units in the previous fiscal year.
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In summary, the automotive industry demonstrated varied performance across different segments in October 2023, with some segments experiencing growth and others witnessing fluctuations in sales. These figures provide valuable insights into the industry's performance during this period.
Today, the shares of Maruti Suzuki India Limited plunged by 1.61 per cent. The current market capitalisation of the company is Rs 3,08,834.57 crore.