Maruti Suzuki surpasses Rs 1 lakh crore in revenue, becomes top 30 global automaker

Maruti Suzuki became the first passenger vehicle manufacturer in the nation to surpass Rs 1 lakh crore ($14.5 billion) in revenue, putting it in the top 30 global automakers. Maruti Suzuki is ranked 28th in terms of revenue, per Bloomberg data. It is the second Indian PV manufacturer to appear in the top 30. The second business to make the elite list is Tata Motors, which is ranked 17th. More than two-thirds of Tata Motors' revenue has come from sales of Jaguar Land Rover.

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Volkswagen, Toyota, and Stellantis are the top three automakers in terms of revenue, according to Bloomberg data.

Maruti Suzuki currently disclosed its fourth-quarter and FY2023 earnings. The automaker's annual revenue surpassed Rs 1 lakh crore, marking its highest-ever annual sales volume. Due to a lack of semiconductor chips, the company's sales did fall 34,000 units short of its 2 million target for FY2023.

Maruti reported a net profit of Rs 2,623 crore for the fourth quarter, a 43% increase from the previous period. The operational revenue increased by 20% from the prior year to Rs 32,048 crore.

The automaker will soon introduce a hybrid model. Between 2023 and 2030, Maruti will also release six electric vehicles. By the end of 2030, the company will introduce six different electric vehicle models. "Even though we are expanding into other categories, the majority of the electric vehicles we will have will fall into the SUV category. Expect Maruti's electric products to capture a significant portion of the market, according to the company's chairman, RC Bhargava, as reported by the Financial Times.

Over the next few years, the automaker is also anticipated to increase its exports. By 2030, according to Bhargava's estimate, Maruti's exports could total 7.5 lakh units.

RC Bhargava anticipates Maruti to outperform the industry's predicted growth rate of 6 to 7% in the upcoming year. Despite problems with the supply of semiconductors, he predicted that the company would perform well. Bhargava anticipated that Maruti would easily surpass the 2-million-unit threshold in this fiscal.

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On April 26, Maruti Suzuki made the announcement that a new plant would be established. The factory will be able to produce up to 10 lakh units a year.