Mercedes-Benz India\u2019s revenue has crossed the Rs 10,000 crore mark in FY2023. The carmaker\u2019s profits nearly doubled in the financial year ended March 31.<\/p>\n
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.<\/p>\n
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\u2019s net profit also increased by 91% to Rs 884 crore.<\/p>\n
The luxury carmaker recorded a double-digit operating profit margin for the second year in a row. The company\u2019s EBITDA margin stood at 13.4%, which is 3.54% higher than Maruti Suzuki.<\/p>\n
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.<\/p>\n