Maruti Suzuki's second quarter net profit up 194 percent

Passenger car manufacturer Maruti Suzuki Monday reported a 194.7 percent rise in net profit for the second quarter of the current fiscal at Rs.670.2 crore, up from Rs.227.45 crore in the corresponding period of 2012-13.

"The company's performance during the quarter has to be viewed in the context of unusually low levels of profit in the second quarter of last year (July-September 2012) owing to labour problems in Manesar," the automobile manufacturer said in a statement.

"Higher localization and cost reduction initiatives by the company also contributed significantly to bottomline growth during Q2 (second quarter). The overall impact of foreign exchange was positive during the quarter."

Net sales for the quarter under review stood at Rs.10,211.83 crore, a rise of 26.5 percent over the second quarter sales of Rs.8,070.11 crore in the last fiscal.

The company further said that its sales grew by 19.6 percent at 275.586 units in the quarter under review from 230,376 units off-take in the corresponding quarter of last fiscal.

Domestic sales went up by 15.05 percent at 241,562 units from 209,954 units sold in the second quarter of 2012-13

Exports zoomed by 66.6 percent at 34,024 units from 20,422 units being shipped out in the corresponding period of last fiscal.