Maruti Q1 net up 18 per cent at Rs 549 cr

Maruti Suzuki India Ltd, the country's largest car-maker on Tuesday posted an 18.02 per cent increase in net profit for the first quarter ended June 30, 2011, to Rs 549.23 crore.

The company had posted a net profit of Rs 465.36 crore for the same quarter last fiscal, Maruti Suzuki India (MSI) said in a statement.

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Total income from operations during the quarter stood at Rs 8,529.30 crore, as against Rs 8,309.18 crore in the same period last fiscal, an increase of 2.65 per cent.

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The company said higher commodity prices and foreign exchange volatility put more pressure on margins in comparison to the corresponding period of the previous year.

"The market was sluggish, mainly due to a sharp increase in fuel prices and higher interest rates," it said.

The company's total sales were marginally down during the quarter, at 2,81,526 units, as against 2,83,324 units in the same period last fiscal.

Maruti Suzuki India's shares were being quoted at Rs 1,193 a piece during afternoon trade on the BSE , up 0.96 per cent from their previous close.