Maruti Suzuki reports 56.49% rise in Q1 profit

Country's largest carmaker Maruti Suzuki India on Tuesday reported a 56.49 per cent rise in its standalone net profit at Rs 1,192.92 crore in the first quarter riding on high volumes, favourable foreign exchange and cost reduction efforts.

The firm posted Rs 762.28 crore net profit in the corresponding quarter of last fiscal.

Total unit sales during the quarter stood at 3,41,329 units as against 2,99,894 units in the year-ago period, up 13.81 per cent.

Net sales during the period under review stood at Rs 13,078.32 crore as against Rs 11,073.51 crore, up 18.1 per cent.

Total income stood at Rs 13,424 crore in Q1 against Rs 11,428 crore in the first quarter of last fiscal.

Domestic sales during the first quarter were at 3,05,694 units as against 2,70,643 units in the same period last fiscal, up 12.95 per cent. The company said exports were at 35,635 units during the quarter as against 29,251 units year-ago, up 21.82 per cent.

During the quarter, high volumes, cost reduction efforts, lower sales promotion expenses and favourable foreign exchange helped improved performance, the company said in a statement.

The Maruti Suzuki stock closed 0.46 per cent higher to Rs 4,195 on the BSE.

(With PTI inputs)