Maruti Suzuki Q1 net up 23% at Rs1,486 cr as new models boost sales

Maruti Suzuki India Limited (MSIL), the country's largest carmaker, today reported a 23 per cent growth in standalone net profit, at Rs1,486 crore, for the fiscal first quarter ended 30 June 2016 on the back of higher sales of its new models.

The company had reported a net profit of Rs1,208 crore in the corresponding quarter of the previous fiscal.

Maruti Suzuki's net sales stood at Rs14,654 crore, up 11.21 per cent from Rs13,078 crore, despite forex losses.

"The profit in the quarter 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," MSIL said in a statement.

A blaze at the vendor's manufacturing unit also impacted Marut's revenues.

"The quarter stood at 26,103 units. The growth in the first two months of the quarter had been 10.2 per cent fire as a key vendor of the Company resulted in lower sales in June 2016," the company said.

During the quarter, MSIL sold 3.48 lakh units, a marginal growth of 2.1 per cent year-on-year. Exports stood at 26,103 units.

Maruti Suzuki shares closed 1.44 per cent lower at Rs4,485.25 apiece on the Bombay Stock Exchange (BSE).