Maruti Suzuki hits decade high, delivers 1.65L vehicles this Navratri
What's the story
Maruti Suzuki has delivered a whopping 1.65 lakh vehicles in the first eight days of Navratri. The company's Senior Executive Officer for Marketing and Sales, Partho Banerjee, revealed this during an interview with CNBC TV18. He said this is the first time in a decade that deliveries during Navratri have crossed the one-lakh mark, highlighting strong demand momentum for the company.
Sales strategy
Backlog of nearly 2.5 lakh vehicles
Banerjee also noted that the company had a backlog of nearly 2.5 lakh vehicles at the start of October. To meet this demand, Maruti has ramped up operations with supply chain and production teams working on Sundays and holidays this month. However, he warned customers delaying their bookings may have to wait until after the festive season for delivery.
Export growth
EV exports to other countries
Maruti Suzuki's exports have also been impressive, witnessing nearly 50% growth last month. The company's electric vehicle exports reached some 3,000 units, with shipments going to Japan, the Middle East, and European countries such as Norway, Denmark, Belgium, and Switzerland. Banerjee said Maruti will reassess its export target of four lakh units for the year while balancing overseas shipments with strong domestic demand.
Market performance
Shift in consumer behavior
Maruti Suzuki has also witnessed a shift in consumer behavior, with two-wheeler owners upgrading to entry-level cars and existing customers moving from models like Alto and WagonR to Baleno, Fronx, and Brezza. Rural markets accounted for 51% of sales in September, slightly outpacing urban markets at 49%. Market expert Mayuresh Joshi remains optimistic about the company's future prospects.
Stock performance
Stock has gained over 41% this year
Maruti Suzuki shares were trading at ₹15,808 at the time of writing, down 0.98% from the previous close. The stock has gained 6.1% over the past month and is up an impressive 41.3% year-to-date, significantly outperforming the Nifty 50 index's 4.5% rise in the same period. The stock has traded between ₹10,725 and ₹16,435 over the past year.