Maruti drives up Q1 profit by 4.4% to ₹1,556.4 crore
India's largest carmaker Maruti Suzuki India (MSI) on Thursday posted a 4.4 per cent increase in its net profit at Rs 1,556.4 crore for the first quarter to June on the back of robust sales and cost reduction efforts.
The company had reported a net profit of Rs 1,490.9 crore for the same period of the previous fiscal. Net sales rose 16.7 per cent to Rs 17,132.4 crore for the quarter under review as against Rs 14,654.5 crore a year earlier.
"Growth in volumes, favourable product mix, higher non- operating income and cost reduction efforts contributed to increase in profits," MSI said in a statement. However, costs were impacted by higher commodity prices, sales promotion and marketing expenses, it added.The stock was trading 0.22 per cent up at Rs 7,594.95 on the BSE.