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Maruti Suzuki Q1 net zooms 20.7%

It had posted net profit of Rs 631.60 crore in the same period of 2013-14, MSI said in a statement.
Net sales during Q1, 2014-15 stood at Rs 11,073.51 crore, up 10.78 per cent as against Rs 9,995.12 crore in the April- June quarter of last fiscal.

‘We started the quarter with low consumer sentiments, high inflation and other economic factors that affected the economy last year but after elections consumer sentiments changed and turned positive,’ MSI Chief Financial Officer Ajay Seth said.

With return of the first-time buyer post-elections, the company's top selling model Alto crossed the 30,000 mark in June, while WagonR went past the 17,000 market for the first time, he said. MSI sold 2,99,894 vehicles during Q1, a growth of 12.6 per cent over the year-ago period.

Sales in the domestic market stood at 2,70,643 units, up 10.3 per cent. Exports were up 38.7 per cent.

The company said its cost reduction and localisation initiatives, growth in volumes and favourable foreign exchange helped improve the bottomline during the quarter. Seth said there was ‘an impact of Rs 150 crore’ in the first quarter due to forex gains. Also, the company has made significant progress through its localisation programme thereby reducing import content.
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