New Delhi, April 26 (UNI) On the back of solid volume growth, the country's largest carmaker Maruti Suzuki on Friday reported 47.80% jump in standalone net profit at Rs 3,877.8 crore for January-March period (Q4) of financial year 2023-24.

The company had posted net profit of Rs 2,623.6 crore in Q4 of previous financial year 2022-23.

“This (higher profit) was on account of higher sales volume, favourable commodity prices, cost reduction efforts and higher non-operating income,” Maruti Suzuki said.

The company's total revenue from operations stood at Rs 38,235 crore in the March quarter of FY24 as against Rs 32,048 crore in the corresponding period of the previous financial year.

The company sold a total of 584,031 vehicles during the March quarter of FY24, higher by 13.4% compared to the same period previous year.

"The sales volume in the export market was at 78,740 units, a growth of 21.7% over exports of 64,719 units in Q4FY2022-23," the company said in a media release.

Maruti Suzuki shares closed 1.70% lower on the BSE at Rs 12,687.05 a piece on Friday.

The board of Maruti Suzuki has recommended a dividend of Rs 125 per share for the financial year 2023-24 subject to the approval of the members at the ensuing Annual General Meeting (AGM).

“The Board of Directors recommended highest-ever dividend of Rs 125 per share (face value of Rs 5 per share) compared to Rs 90 per share in FY 2022-23,” Maruti Suzuki said.

The carmaker said that for the first time it surpassed the annual total sales milestone of 2 million units in FY2023-24.

"The company continued to be the top exporter for the 3rd consecutive year, now contributing 41.8% of total passenger vehicle exports from India," it added.

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