Maruti Suzuki Q3 FY25 Results: Revenue Up 15.67% YoY, Profit at ₹3,727 Crore, Strong Export Growth

Maruti Suzuki Q3 FY25 Results: Revenue Up 15.67% YoY, Profit at ₹3,727 Crore, Strong Export Growth

Maruti Suzuki India Ltd: Overview 

Maruti Suzuki India Limited is India’s largest automobile manufacturer and a subsidiary of the Japanese automaker Suzuki Motor Corporation. Established in 1981, Maruti Suzuki has played a pivotal role in shaping India’s automotive landscape by offering fuel-efficient and affordable vehicles. The company operates in a highly competitive automobile industry, which has witnessed significant growth due to rising disposable income, increasing urbanization, and government initiatives promoting electric mobility. The Indian passenger vehicle market is one of the fastest-growing globally, with demand driven by economic growth and technological advancements. Maruti Suzuki maintains a dominant market share, leveraging its extensive sales and service network, cost-effective production, and strong brand reputation. The company has also focused on expanding its portfolio to include hybrid and electric vehicles in response to evolving environmental regulations and consumer preferences. 

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Maruti Suzuki’s margins were impacted by a mix of positive and negative factors. On the positive side, favourable operating leverage and lower commodity prices contributed to profitability. However, this was offset by higher sales promotion and advertisement expenses, adverse foreign exchange variations, and lower non-operating income. In Q3 FY25, domestic sales stood at 466,993 units, reflecting an 8.7% growth and accounting for 82.5% of total sales. Exports saw a significant rise of 38.2%, reaching 99,220 units and contributing 17.5% to overall sales. The consumer preference towards CNG vehicles continues to increase. In Quarter 3 of this fiscal year, every 1 in 3 cars sold by the company in the domestic market was a CNG vehicle 

Among the highest-selling segments, Mini + Compact cars recorded 210,082 units, declining 3.7% but still making up 45.0% of total sales. Utility Vehicles (UVs) witnessed strong growth of 20.2%, selling 185,298 units and accounting for 39.7% of sales. FRONX SUV has set a new record, reaching the 2-lakh sales mark in just 17.3 months Compact cars alone contributed 182,227 units, down 4.6%, representing 39.0% of total sales. For margin movement in Q3 FY25, favourable operating leverage and higher non-operating income played a positive role, whereas higher sales promotion expenses acted as a downside factor. 

Business Segments

• Passenger Vehicles (PV): This is the company’s primary segment, contributing to the majority of its revenue. It includes hatchbacks, sedans, SUVs, and multi-purpose vehicles (MPVs). Popular models in this segment include Swift, Baleno, WagonR, Dzire, Brezza, and Ertiga. 

• Light Commercial Vehicles (LCV): Maruti Suzuki ventured into this segment with the introduction of the Super Carry, targeting small businesses and commercial operators. 

• Electric and Hybrid Vehicles: The company has been investing in hybrid and electric vehicle technologies, with models like the Grand Vitara featuring strong hybrid technology and plans to introduce full-electric models in the near future. 

• Spare Parts and Accessories: This segment includes the sale of vehicle components, spare parts, and accessories, providing an additional revenue stream for the company. 

• Exports: Maruti Suzuki exports vehicles to various international markets, including Africa, Latin America, and the Middle East, contributing to its global presence. 

Subsidiary Information: 

• Suzuki Motor Gujarat Pvt Ltd (SMG): A wholly owned subsidiary of Suzuki Motor Corporation, this entity manufactures vehicles exclusively for Maruti Suzuki. 

• Maruti Insurance Business Agency Limited: This subsidiary provides car insurance services, offering customers seamless insurance solutions during vehicle purchases. 

• Maruti Suzuki N2N Fleet Management: This initiative provides end-to-end fleet management solutions, targeting corporate clients and businesses requiring bulk vehicle management. 

• Maruti Suzuki Driving Schools (MSDS): A venture focused on driver education, these schools offer training programs to enhance road safety and driving skills in India. 

• Maruti Suzuki True Value: A subsidiary dedicated to the sale and purchase of pre-owned Maruti Suzuki vehicles, providing a trusted platform for used car transactions. 

Q3 FY25 Earnings 

• Revenue of ₹38764 crore in Q3 FY25 up by 15.67% YoY from ₹33513 crore in Q3 FY24.  

• EBITDA of ₹5076 crore in this quarter at a margin of 13% compared to 13% in Q3 FY24. 

• Profit of ₹3727 crore in this quarter compared to a ₹3207 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr	Q3 FY24	Q3 FY25	FY23	FY24
Revenue	33513	38764	118410	141858
Expenses	29073	33688	105288	123232
EBITDA	4440	5076	13122	18626
OPM	13%	13%	11%	13%
Other Income	1053	1125	1861	4248
Net Profit	3207	3727	8264	13488
NPM	9.6%	9.6%	6.9%	9.5%
EPS	102	118.5	273.6	429