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Mercedes-Benz India’s revenue has crossed the Rs 10,000 crore mark in FY2023. The carmaker’s profits nearly doubled in the financial year ended March 31.
Mercedes-Benz sold 16,497 vehicles in FY2023, a 38% increase compared to the previous year. However, volumes are yet to reach pre-Covid levels. In FY2019, the carmaker had sold 18,211 units.
Average realization per vehicle was up by 20% to RS 62 lakh, while revenue increased by 64% to Rs 10,450 crore in FY2023. Mercedes-Benz India’s net profit also increased by 91% to Rs 884 crore.
The luxury carmaker recorded a double-digit operating profit margin for the second year in a row. The company’s EBITDA margin stood at 13.4%, which is 3.54% higher than Maruti Suzuki.
The increase in profits can be attributed to the increase in sales of high-end models priced above Rs 1.5 crore (ex-showroom). The share of top-end vehicles (TEVs) in total sales increased from 13% in FY2019 to 26% in FY2023.
Source: ET Auto