Maruti Suzuki commences Grand Vitara exports from Kamarajar port

Maruti Suzuki India said that it has commenced exports of its premium SUV Grand Vitara to Latin America from the Kamarajar port recently.

The company aims to export Grand Vitara to more than 60 countries across Latin America, Africa, Middle East, ASEAN and neighboring regions.

In CY 2022, Maruti Suzuki registered an export of over 2.6 lakh vehicles, its highest ever exports in a calendar year. With the addition of Grand Vitara, the company aims to further strengthen its position as India's leading passenger vehicle exporter.

Hisashi Takeuchi, managing director & CEO, Maruti Suzuki India, said, Supporting Government of India's efforts to increase exports from India, Maruti Suzuki has taken multiple initiativesto increase its international presence.

Expanding product portfolio for exports has been one of the key pillars of success. By adding Grand Vitara, we now export a range of 17 vehicles. Grand Vitara, unveiled in July 2022, has received overwhelming response in the domestic market and we are confident that the India manufactured Grand Vitara will meet with similar success in overseas markets as well.

In December 2022, Maruti Suzuki had reportedly signed an agreement with Kamarajar Port Limited for the export of passenger vehicles to global markets.

As per reports, the Kamarajar port would be used for exports to Africa, the Middle East, Latin America, ASEAN, Oceania and SAARC regions. It would annually export 20,000 vehicles from the port, the reports said. The agreement, starting December 2022, is reportedly for a period of five years.

The Kamarajar port is around 20 km north of the Chennai Port in Tamil Nadu. Named the 12th major port of India, Kamarajar has the capacity to park 14,000 cars.

Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components, and spare parts (automobiles).

The company reported a standalone net profit of Rs 2,061.5 crore in Q2 FY23, steeply higher than Rs 475.3 crore recorded in Q2 FY22. Net sales jumped 47.91% to Rs 28,543.5 crore in quarter ended 30 September 2022, as against Rs 19,297.8 crore posted in the same period last year.

The company's board will meet on 24 January 2023 to consider and approve the unaudited financial results for the quarter ended on 31 December 2022.

The scrip advanced 0.15% to currently trade at Rs 8508.50 on the BSE.

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