Maruti Suzuki posts its best ever quarterly result in June quarter; profit up 23%
Automobile manufacturer Maruti Suzuki India on Tuesday reported 23 per cent jump in net profit to Rs 1,486.2 crore in the June quarter, its best-ever quarterly result.
- Jul 26, 2016,
- Updated Jul 26, 2016 3:33 PM IST
Automobile manufacturer Maruti Suzuki India on Tuesday reported 23 per cent jump in net profit to Rs 1,486.2 crore in the June quarter, its best-ever quarterly result, on the back of material cost reduction and higher non-operating income.
However, adverse foreign exchange movement reduced profits to some extent.
The auto major had posted a net profit of Rs 1,208.1 crore for the same period in the fiscal year 2015-16.
Net sales rose by 12.1 per cent to Rs 14,654.5 crore for the first quarter as against Rs 13,078.3 crore last year, Maruti Suzuki India said in a statement.
"The profit 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," it added.
The firm said it sold 3,48,443 units during the quarter, a growth of 2.1 per cent a year ago. This includes 3,22,340 units in domestic market, a growth of 5.4 per cent.
Exports during the quarter stood at 26,103 units.
"The growth in the first two months of the quarter had been 10.2 per cent, but the unfortunate incident of fire at a key vendor of the company resulted in lower sales in June 2016," the company said.
The company hopes to recover the lost sales during the course of the year, it added.
Automobile manufacturer Maruti Suzuki India on Tuesday reported 23 per cent jump in net profit to Rs 1,486.2 crore in the June quarter, its best-ever quarterly result, on the back of material cost reduction and higher non-operating income.
However, adverse foreign exchange movement reduced profits to some extent.
The auto major had posted a net profit of Rs 1,208.1 crore for the same period in the fiscal year 2015-16.
Net sales rose by 12.1 per cent to Rs 14,654.5 crore for the first quarter as against Rs 13,078.3 crore last year, Maruti Suzuki India said in a statement.
"The profit 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," it added.
The firm said it sold 3,48,443 units during the quarter, a growth of 2.1 per cent a year ago. This includes 3,22,340 units in domestic market, a growth of 5.4 per cent.
Exports during the quarter stood at 26,103 units.
"The growth in the first two months of the quarter had been 10.2 per cent, but the unfortunate incident of fire at a key vendor of the company resulted in lower sales in June 2016," the company said.
The company hopes to recover the lost sales during the course of the year, it added.