Maruti Suzuki's Q3 net profit up 27 percent

Automobile major Maruti Suzuki on Thursday reported a 27.1 percent rise in its net profit for the third quarter (Q3) of the current fiscal.

According to the company, its Q3 net profit stood at Rs.1,019.3 crore for the quarter ended December 31, 2015 as compared to Rs.802.2 crore for the corresponding quarter of last fiscal.

"Higher volumes, material cost reduction initiatives and favourable foreign exchange contributed to profit during the quarter," the company said in a statement.

The company's net sales during the quarter under review stood at Rs.14,767.7 crore -- up 20.4 percent from Rs.12,263.1 crore for the quarter ended December 31, 2014.

The turnover which includes net sales and other income in the period under review was higher by 19.67 percent at Rs.15,081.9 crore from Rs.12,602.5 crore in the third quarter of last fiscal.

Maruti Suzuki sold 374,182 vehicles during the quarter under review logging a growth of 15.5 percent from an off-take of 323,911 units in Q3 of last fiscal.

Domestic sales grew by 16.2 percent to 342,995 units from 295,202 units sold in the corresponding period of last fiscal.

Exports zoomed by 8.6 percent to 31,187 units from 28,709 units shipped out in the quarter ended December 31, 2014.