Country’s largest carmaker Maruti Suzuki on Tuesday reported 23 per cent jump in net profit for the first quarter to Rs 1,486.2 crore, its best-ever quarterly result, on the back of material cost redu
Country’s largest carmaker Maruti Suzuki on Tuesday reported 23 per cent jump in net profit for the first quarter to Rs 1,486.2 crore, its best-ever quarterly result, on the back of material cost reduction and higher non-operating income.
The auto major had posted a net profit of Rs 1,208.1 crore for the same period in the previous fiscal. Net sales rose by 12.1 per cent to Rs 14,654.5 crore for the first quarter as against Rs 13,078.3 crore last year, Maruti Suzuki said in a statement.
“The profit was helped by a higher turnover, material cost reduction, higher non-operating income and lower depreciation. Adverse foreign exchange movement reduced profits to some extent,” it added.
The firm said it sold 3,48,443 units during the quarter, a growth of 2.1 per cent from a year ago. This includes the 5.4 per cent growth in domesic sales. Exports during the quarter stood at 26,103 units.
“The growth in the first two months of the quarter had been 10.2 per cent, but the unfortunate incident of fire at a key vendor resulted in lower sales in June,” the company said.
