Maruti Suzuki's third quarter net profit up 17.8 percent

India's largest passenger car manufacturer Maruti Suzuki Tuesday reported an increase of 17.8 percent in its net profit for the quarter ended Dec 31, 2014 at Rs.802.2 crore from Rs.681.15 crore in the corresponding period of last year.

"Higher volumes, material cost reduction initiatives and favorable foreign exchange contributed to bottom-line during the quarter," the company said in a statement.

The company's total income in the period under review grew by 15.38 percent at Rs.12,704.72 crore from Rs.11,010.79 crore for the quarter ended Dec 31, 2013.

The company's total sales during the third quarter jumped 12.4 percent at 323,911 units. Exports rocketed by 43.8 percent at 28,709 units.

For the first nine months of the fiscal, the company's net profit rose 22.4 percent at Rs.2,427 crore.

The company's total sales during the period under review was up 13.9 percent at 945,703 units. Exports in the first nine months ended Dec 31 increased by 22.8 percent at 92,171 units shipped abroad.

The company's scrip at the Bombay Stock Exchange (BSE) was up 0.93 percent at Rs.3,642.20 per equity share (2.30 p.m.) from its previous day's close of Rs.3,608.65.