Maruti Suzuki Q1 net profit rises 20.7% on high sales

The country's largest carmaker Maruti Suzuki India (MSI) on Thursday reported a 20.69 per cent increase in net profit at Rs 762.28 crore for the first quarter ended June 30, 2014-15, riding on robust sales, cost reduction and forex gains.

It had posted net profit of Rs 631.60 crore in the same period last fiscal, MSI said in a statement.

Net sales during Q1, 2014-15 stood at Rs 11,073.51 crore, up 10.78 per cent as against Rs 9,995.12 crore in the same quarter of last fiscal.

Maruti Suzuki said it sold 2,99,894 vehicles during Q1, a growth of 12.6 per cent over the year-ago period.

Sales in the domestic market stood at 2,70,643 units, up 10.3 per cent. Exports were at 29,251 units, up 38.7 per cent.

The company said its cost reduction and localisation initiatives, growth in volumes and favourable foreign exchange helped improve the bottomline during the quarter.

The Maruti stock was trading at Rs 2,558.10, up 0.24 per cent, on the BSE.