Maruti Suzuki net profit up 20.7 percent

India's largest passenger car manufacturer Maruti Suzuki Thursday reported a 20.7 percent rise in net profit for the first quarter of the current fiscal to Rs.762.3 crore from Rs.631.60 crore over the corresponding quarter of previous financial year.

The company posted a net profit of Rs.800.05 crore for the quarter ended March 31, 2014.

"The company's cost reduction and localisation initiatives, growth in volumes and favourable foreign exchange helped improve the bottomline during the quarter," the company said in a statement.

The company reported an increase of 10.8 percent in net sales for the quarter under review, which stood at Rs.11,073.5 crore up from Rs.9,995.12 crore in the like period of last fiscal.

Maruti Suzuki sold 299,894 vehicles during the quarter under review, which was 12.6 percent higher than its previous year figure of 266,434 units sold.

Domestic market sales increased by 10.3 percent at 270,643 units from 245,346 units in the first quarter of last fiscal.

Exports zoomed 38.7 percent at 29,251 units up from 21,088 units shipped out during the corresponding period of last fiscal.