New Delhi: Maruti Udyog Ltd (MUL) has announced that its first quarter net profit closed at Rs 123.2 crore - more than a ten-fold increase compared to the corresponding quarter, which was Rs 11.5 crore.
The marked improvement in profit was driven by increased sales, aggressive cost-cutting and enhanced productivity. This is the first quarterly result announced by MUL after its shares were listed. MUL's shares on the Bombay Stock Exchange were up by 6.95 per cent to close at Rs 174.75.
The company's total income grew by 45 per cent to touch Rs 2,109.9 crore over Rs 1,457.5 crore during the corresponding previous period. The company sold 1,04,017 vehicles, a rise of 47.4 per cent, including exports of 12,496 vehicles.
MUL improved its market share to 55 per cent in the quarter from 52 per cent earlier. While the domestic car industry grew at 28.6 per cent, MUL's car sales clocked a growth of 36.5 per cent.