India (Commonwealth) _Mercedes-Benz India has passed a significant milestone in the fiscal year 2023, with revenue exceeding Rs 10,000 crore. This financial accomplishment demonstrates the brand’s lasting attractiveness in the Indian premium car market. The company not only reached the Rs 10,000 crore revenue mark, but earnings nearly doubled, indicating a period of rapid expansion. Mercedes-Benz India reported 16,497 car sales in FY2023, representing a 38% increase over the previous year.
However, it is worth noting that these results have not yet reached the pre-COVID levels seen in FY2019, when the company sold 18,211 units. Despite this, the average realized per vehicle increased by 20%, reaching an amazing Rs 62 lakh. As a result, overall revenue increased dramatically, increasing by 64% to Rs 10,450 crore in FY2023. Mercedes-Benz India’s financial highlight goes beyond revenue and sales data. The company’s net profit increased by an amazing 91% to Rs 884 million.
Notably, this is the premium carmaker’s second consecutive year with a double-digit operating profit margin. Their EBITDA margin was 13.4%, which was 3.54% higher than the industry powerhouse Maruti Suzuki. Increased sales of high-end cars priced above Rs 1.5 crore (ex-showroom) have been a crucial contributor to the earnings boom.
The market share of these high-end vehicles (TEVs) in total sales has increased significantly from 13% in FY2019 to an astonishing 26% in FY2023. Mercedes-Benz India’s financial performance in FY2023 not only demonstrates the market’s durability, but also the brand’s capacity to adapt and survive in an ever-changing automotive industry. The future seems bright for this legendary marque as it continues to establish new norms and redefine luxury on Indian roads.
Daimler entered the Indian market in 1994, establishing Mercedes-Benz India Ltd. Following the merger of the parent business Daimler with Chrysler, the company was renamed DaimlerChrysler India Pvt. Ltd. Mercedes-Benz India is a 100% subsidiary of Daimler AG. Mercedes-Benz India pioneered the Indian luxury car sector.
The company’s headquarters are in Chakan, Maharashtra. Daimler divided into two independent businesses in 2022, one focused on passenger vehicles under the newly established Mercedes-Benz Group moniker and the other on commercial vehicles under the Daimler Trucks moniker.
In 1994, Mercedes-Benz began assembly and manufacture in India. This facility, located on 100 acres in Chakan, Maharashtra, was established in 2009.
Locally, the firm manufactures 14 vehicles, including the A-Class Limousine, New C-Class, E-Class Long Wheelbase, S-Class, Mercedes Maybach S 580 limousine, and luxury SUVs such as the GLA, GLC, GLC Coupé, GLE, and GLS. Mercedes-Benz pioneered the local production of high-performance AMG automobiles in 2020, producing three AMG models: the AMG GLC 43 4MATIC Coupe, the AMG A 35 4MATIC+ saloon, and the AMG GLA 35 4MATIC+ SUV. Mercedes-Benz India’s CBU portfolio comprises the GLB, EQB, EQC, GLS Maybach, MG G 63 SUVs, and AMG E 53 Cabriolet.
In 2022, India will be the first market outside of Germany for Mercedes-Benz to manufacture the flagship luxury EV, the EQS 580.
Mercedes-Benz Research and Development India (MBRDI) is Mercedes-Benz Group AG’s largest research and development center outside of Germany. MBRDI, founded in 1996 in Bengaluru and Pune, is a leader in the development of new mobility technologies such as connected, autonomous, and electric. Currently, the company employs approximately 6,000 people in engineering, digitalization, testing and simulation, and data science.
Mercedes-Benz also boasts the most extensive network of any luxury automobile, having a presence in 47 Indian cities and over 120 touchpoints. Mercedes-Benz India is reported to be the highest-ever calendar-year sales in 2022. Retaining the top rank for the ninth year in a straight, the firm supplied 15,822 new automobiles to consumers, representing a year-on-year increase of 41%.
