Maruti Suzuki net up 56% on high volumes; stock flat as numbers on par with street estimates

The country's largest carmaker Maruti Suzuki India today posted 56.49% increase in its standalone net profit at Rs 1,192.92 crore in the first quarter, riding on high volumes, favourable foreign exchange and cost reduction efforts.

The company had posted a standalone net profit of Rs 762.28 crore in the same quarter last fiscal.

Net sales during the period under review stood at Rs 13,078.32 crore as against Rs 11,073.51 crore, up 18.1%.

Total unit sales during the quarter stood at 3,41,329 units as against 2,99,894 units in the year-ago period, up 13.81% or 41,435 units.

Domestic sales during the first quarter were at 3,05,694 units as against 2,70,643 units in the same period last fiscal, up 12.95% or 35,051 units.

The company said exports were at 35,635 units during the quarter as against 29,251 units year-ago, up 21.82% or 6,384 units.

"During the quarter high volumes, cost reduction efforts, lower sales promotion expenses and favourable foreign exchange helped improved performance," the company said in a statement.

After the result announcement, Maruti's scrip on the BSE traded flat and closed at Rs 4,195.65 per share, up Rs 19.30 or 0.46%.