Maruti Suzuki India has reported a net profit of Rs 1,019.3 crore in the quarter ending December, up 27.1 percent compared to the same period last year.

“Higher volumes, material cost reduction initiatives and favorable foreign exchange contributed to profit during the quarter,” said the company statement.

The carmaker sold a total of 374,182 vehicles in Q3, a growth of 15.5 percent. Of this, exports were at 31,187 units, up 8.6 percent.

Maruti registered net sales (net of excise) of 14,767.7 crore, a growth of 20.4 percent over the same period last year.

As for the nine month period ending December 2015-16, the company sold 10,68,846 vehicles, a growth of 13 percent. Of this, exports were at 96,888 units, up 5.1 percent.

The company registered net sales (net of excise) of Rs 41,420.9 crore, up 17.2 percent over the same period last year. Meanwhile, net profit for Q1-Q3 stood at Rs 3,437.8 crore, up 41.6 percent.

Also read: TVS Motor reports Q3 profit of Rs 107.7 crore, up 19.4% YoY