Net profit of country’s popular automaker Maruti Suzuki India jumped 24.1 per cent in the quarter ended December 31, 2020, owing to higher sales and non-operating income. The auto major’s net profit during the quarter under review rose to Rs 1,941.4 crore from Rs 1,564.8 crore during the corresponding period of previous fiscal.
“During the quarter, the company registered net sales of Rs 222,367 million, an increase of 13.2 per cent compared to the same period previous year,” the company said in a statement on Thursday.
“The ‘Operating Profit for the Quarter’ was at Rs 14,848 million, a growth of 19.3 per cent 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.”
Besides, the company sold a total of 495,897 vehicles during the quarter, higher by 13.4 per cent compared to the same period previous year.
“Sales in the domestic market stood at 467,369 units, growing by 13 per cent. Exports were at 28,528 units, higher by 20.6 per cent.”
“These results have to be viewed in the context that in the previous year FY 2019-20, sales volume declined by 16 per cent for the ompany and about 18 per cent for the industry,” Maruti said in the statement.