Shares of Maruti Suzuki India reached a historic milestone on Monday as the company emerged as the top performer in retail sales of passenger vehicles in India for FY24. Here are the key highlights:
- Maruti Suzuki's stock soared to a new peak of Rs 12,889 on the Bombay Stock Exchange (BSE).
- By 1:32 pm, Maruti Suzuki shares were trading at a 3.38% increase, reaching Rs 12,845.
During FY24, retail sales of passenger vehicles in India hit an unprecedented high, with Maruti Suzuki maintaining its dominant position. According to data from the Federation of Automobile Dealers Associations (FADA), the following trends were observed:
- FY24 witnessed a noteworthy 8.45% year-on-year growth in PV retail sales in India, totaling 39,48,143 units compared to 36,40,399 units in FY23.
- Maruti Suzuki accounted for 16,05,264 units of the FY24 total, surpassing its own FY23 figure of 14,90,202 units.
- Despite Maruti's increased retail sales, its market share saw a slight decline to 40.66% in FY24 from 40.94% in FY23.
The competition between Hyundai and Tata remained closely contested:
- Hyundai's sales reached 561,371 units in FY24, while Tata's retail sales stood at 538,264 units.
- In FY23, Hyundai sold 527,481 units compared to Tata's 492,122 units, indicating a reduced gap in FY24.
- Hyundai's market share experienced a slight dip to 14.22% in FY24 from 14.49% in FY23, while Tata's market share increased from 13.52% in FY23 to 13.63% in FY24.
Overall, Maruti Suzuki's achievement in maintaining its leadership position in retail sales, along with its record high share price, underscores its robust performance in the Indian automotive market.
