Net profit of Maruti Suzuki grew 24% for the quarter ended December 31, aided by a strong jump in sales. Net profit for Maruti rose to ₹1,941 crore as sales grew to ₹22,367 crore, an increase of 13.2% compared to the same period previous year.
The company sold a total of 495,897 vehicles during the December quarter, higher by 13.4% compared to the same period previous year. Sales in the domestic market stood at 467,369 units, growing by 13.0%. Exports were at 28,528 units, higher by 20.6%.
“These results have to be viewed in the context that in the previous year FY 2019-20, sales volume declined by 16% for the ompany and about 18% for the industry,” Maruti said in a statement.
The operating profit for the quarter was at ₹1484.8 crore, a growth of 19.3% over the same period previous year “on account of higher sales volume and cost reduction efforts partially offset by increase in commodity prices and adverse foreign exchange movement,” Maruti said.
For the nine-month period, April to December, Maruti sold a total of 965,626 vehicles during the period, lower by 18.0% compared to same period previous year. Sales in the domestic market stood at 905,015 units, lower by 17.8%. Exports were at 60,611 units, a decline of 21.9%.