Maruti Suzuki's Q1 net profit up more than 56 percent

Automobile major Maruti Suzuki on Tuesday reported a rise of over 56 percent in its net profit for the first quarter of the current fiscal.

According to the company, its net profit for the quarter ended June 30, 2015 stood at Rs.1,192.92 crore, up from Rs.762.28 crore in the corresponding period of 2014-15.

"During the quarter, higher volumes, cost reduction efforts, lower sales promotion expenses, and favourable foreign exchange helped improve the performance," the company was quoted as saying in a statement.

Net sales for the quarter under review rose by 18.1 percent to Rs.13,078.32 crore over the corresponding period's sales of Rs.11,073.51 crore.

However, the other income of the automobile major marginally declined by 2.24 percent in the quarter under review to Rs.346.61 crore from Rs.354.58 crore in the corresponding period of 2014-15.

The automobile manufacturer sold a total of 341,329 vehicles during the quarter under review, which represents a growth of 13.8 percent.

The company had an off-take of 299,894 units during the like period of the previous year.

Domestic sales grew by 13 percent to 305,694 units from 270,643 units sold in the corresponding period of last fiscal.

Exports zoomed by 21.8 percent at 35,635 units from 29,251 units shipped out in the quarter ended June 30, 2014.

The turnover which includes net sales and other income in the period under review was higher by 17.47 percent at Rs.13,424.93 crore from Rs.11,428.09 crore in the first quarter of last fiscal.

The company's scrip at the Bombay Stock Exchange (BSE) gained by 0.54 percent or 22.70 points around 2 p.m. on Tuesday and stood at Rs.4,199.05 from its previous close of Rs.4,176.35 per equity share.