Maruti Suzuki India’s Q1 net profit up 23% to Rs 1,486 crore

Maruti Suzuki India has released its financial results for the quarter ending June 2016, registering a net profit of Rs 14,862 million (Rs 1,486.2 crore), up 23 percent year-on-year (YoY).

“The profit in the quarter was helped by a higher turnover, material cost reduction, higher non-operating income and lower depreciation. Adverse foreign exchange movement reduced profits to some extent,” said Maruti Suzuki’s official statement.

Further, the company sold a total of 348,443 units during the quarter, a growth of 2.1 percent over the same period of the previous fiscal. This includes 322,340 units in the domestic market, up 5.4 percent YoY.

Meanwhile, the automaker’s net sales (net of excise) stood at Rs 146,545 million (Rs 14,654.5 crore), up 12.1 percent YoY.

Exports during the quarter stood at 26,103 units. The growth in the first two months of the quarter had been 10.2 percent but the Manesar fire accident at Subros, a key vendor of the company, resulted in lower sales in June 2016.

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