Shares of Maruti Suzuki hit a fresh 52-week high today after the car maker reported better than expected earnings for the quarter ended September 2022. Maruti Suzuki reported a four-fold rise in net profit at Rs 2,061.50 crore in Q2 compared with a profit of Rs 475.30 crore in the corresponding quarter last year. Sales rose 47.91 per cent year-on-year (YoY) to Rs 28,543.50 crore from Rs 19,297.80 crore in the corresponding quarter last year.
Buoyed by the stellar earnings, Maruti Suzuki shares rose 5.21 per cent to a fresh high of Rs 9,517 against the previous close of Rs 9,046 on BSE. Market cap of the firm climbed to Rs 2.87 lakh crore. The stock has been gaining for the last sessions. The stock trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
ALSO READ: Maruti Suzuki reports 4-fold jump in net profit at Rs 2,062 crore
The large cap share has gained 29.48 per cent in a year and risen 28.55 per cent since the beginning of this year. Total 0.96 lakh shares of the firm changed hands amounting to a turnover of Rs 89.33 crore on BSE.
Brokerage Sharekhan expected Maruti to report profit at Rs 2,176 crore, up 357.8 per cent YoY or 114.8 per cent sequentially.
ICICIdirect had pegged Maruti Suzuki’s profit at Rs 1,656.70 crore, up 248.80 per cent YoY. Prabhudas Lilladher expected the auto major to report a 247.20 per cent YoY rise in its profit to Rs 1,650 crore.
In its earnings release, the automaker said that a relatively better sales volume led to improved capacity utilisation. The numbers were aided by cost reduction efforts, favourable foreign exchange variation and improved realisation.
Later, Maruti Suzuki stock ended 5.49 per cent higher at Rs 9,543 in today’s session. The 30 stock Sensex ended 203 points higher at 59,959 and Nifty rose 50 points to end at 17,786.