Maruti Suzuki India posts robust Q2 and H1 FY2017 results

Maruti Suzuki India today announced the financial results for July-September 2016-17 (Q2) and April-September 2016-17 (H1) periods.

In the July-September 2016 period, the company sold a total of 418,470 vehicles, a growth of 18.4 percent year on year. While sales in the domestic market stood at 383,030 units (+18.5 percent), exports were at 35,440 units (+17.9 percent). Q2 sales (net of excise) were Rs 17,594 crore, up 29.5 percent over the previous year.

Net profit was Rs 2,398 crore, a growth of 60.2 percent over the same period in 2015.

Higher volumes leading to higher capacity utilisation, lower expenses on sales promotion and marketing and higher non-operating income contributed to increase in profits. This was, however, partially offset by adverse foreign exchange movement.

In H1, Maruti sold a total of 766,913 vehicles, a year-on-year growth of 10.4 percent. While sales in the domestic market stood at 705,370 units (+12.1 percent), exports totaled 61,543 units.

Net sales stood at Rs 32,280 crore in April-September 2016-17, a growth of 20.9 percent over the same period last year. Net profit stood at Rs 3,884 crore, up 43.6 percent.

Higher volumes, higher non-operating income and material cost reduction initiatives contributed to profit. This was partially offset by adverse foreign exchange movement.