Country’s largest carmaker Maruti Suzuki India 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 India 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 a year ago. This includes 3,22,340 units in domestic market, a growth of 5.4 per cent. Exports during the quarter stood at 26,103 units.