Maruti Suzuki share price rises over 2% after Q4 results: What you should know

Maruti Suzuki share price: Shares of Maruti Suzuki gained over 2% today (April 29) after the company announced its Q4 results. The shares gained as much as 2.2% to ₹12,966 apiece on the BSE. With this, the company's market capitalisation surpassed ₹4 lakh crore.

Maruti Suzuki share price: Corporate office of Maruti Suzuki India Limited is pictured in New Delhi.(Reuters)

Maruti Suzuki Q4 results

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The largest passenger car manufacturer in India reported a net profit of ₹3,878 crore in Q4FY24. The company registered a sharp growth of 48% from ₹2,623 crore in the corresponding period last year and its revenue from operations during the quarter rose 19.3% to ₹38,235 crore from ₹32,048 crore YoY.

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The company also surpassed the annual total sales milestone of 2 million units in FY24 and the total sales volume during March quarter rose 13% to 584,031 units from 514,927 units in the year-ago period, it said.

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Brokerages on Maruti Suzuki share price

Following the results brokerages increased Maruti Suzuki share price target as well. Motilal Oswal Financial Services marginally raised FY25-26 estimates by 2-4% and said that the company is expected continue to outperform industry growth in FY25. The brokerage reiterated its ‘Buy’ rating on the stock with a target price of ₹14,700 per share.

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Emkay Global Financial Services said that profitability for Maruti Suzuki has been resilient amid improved mix, controlled discounts, and healthy operating leverage as the brokerage retained a ‘reduce’ rating on the stock and raised the share price target to ₹11,200 apiece from ₹10,700 earlier.

Nuvama Institutional Equities increased FY25E and FY26E EPS estimates by 2% and 1% and retained a ‘buy’ rating on the stock as well as raised the target price to ₹14,800 per share from ₹14,300 before.

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