Maruti Suzuki India Ltd shares hit a 52-week high of Rs 10,845 on 27 October after the company announced its quarterly earnings for July-September.

India’s biggest car manufacturer reported an 80.28% year-on-year (YoY) increase in its net profit at Rs 3,716.5 crore for the quarter under review against Rs 2,061.5 crore reported in the year-ago quarter.

In its regulatory filing, the company said that increased non-operating income, improved net sales, lower commodity prices, and cost-cutting initiatives played a major role in the surge in its net profit.

The company reported a 23.8% YoY growth in its revenue from operations at Rs 37,062.1 crore against Rs 29,930.8 crore reported in the same quarter of the previous fiscal year.

The company reported its highest-ever quarterly sales volume, selling 552,055 vehicles during the quarter, from which 482,731 vehicles were sold domestically and 69,324 vehicles were exported.

The company’s EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by 72.8% YoY to Rs 4,784 crore, whereas the EBITDA margins expanded by 360 basis points to 12.9% during the Q2FY24.

At 3:30 pm, the shares of Maruti Suzuki India closed 1.06% above at Rs 10,535 on NSE.