Maruti Suzuki's first quarter net profit up 49 percent

Maruti Suzuki Thursday reported a 49 percent increase in net profit for the first quarter of the current fiscal at Rs.631.61 crore, up from Rs.423.77 crore in the corresponding period of 2012-13.

"The increase was due to focussed cost reduction efforts undertaken by the company, favourable foreign exchange rates and the benefit from merger of Suzuki Powertrain India with the company last fiscal," the company said in a statement.

Net sales for the quarter under review stood at Rs.9,995.12 crore, a decline of 5.1 percent over the first quarter sales of Rs.10,529.24 crore in the last fiscal.

"The fall in unit sales was in line with the overall industry, and the company was able to maintain its market share," the statement said.

The company further said that its sales fell by 9.95 percent at 266,434 units in the first quarter from 295,896 units in the corresponding quarter of last fiscal. Domestic sales went down by 6.80 percent at 245,346 units from 263,264 units sold in the first quarter of 2012-13

Exports declined by 35.37 percent at 21,088 units from 32,632 units being shipped out in the corresponding period of last fiscal.

"Favourable foreign exchange rates during the quarter helped improve export realization and limit the impact on net sales," the company said.

Other income of the automobile major marginally declined 2.76 percent in the quarter to Rs.242.22 crore from Rs.248.91 crore in the corresponding period of 2012-13.

The company's scrip at the Bombay Stock Exchange (BSE) fell by 0.12 percent in Thursday's trade and stood at Rs.1,414.20 from its previous close of Rs.1,415.85.