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News: As per the exchange filing, Maruti Suzuki total sales volume for the month of August 2024 were down 3.9% YoY at 1.81 lakh units. Exports reported steady growth of 5.6% YoY at 26k units. UV volumes witnessed a YoY increase of 6.7% and continued MoM recovery trend with volumes growing 11.3% at 62.7K units.
Views: UV mix improved for the month and was the positive surprise from the monthly numbers. UVs now constitute ~34% of total sales volume mix vs. 32% in the previous month (July 2024). Company has in the past guiding for mid-single digit volume growth for FY25E amidst high base and relatively higher channel inventory. YTD volumes at Maruti are however flattish at 8.9 lakh units.
Impact: Neutral