Mumbai, Oct 27 (IANS) Passenger car major Maruti Suzuki on Thursday reported a rise of 60.2 per cent in its net profit for the second quarter (Q2) of 2016-17.
The company’s net profit increased to Rs 2,398 crore for the quarter ended September 30, 2016 — up from Rs 1,497 crore in the corresponding period of 2015-16.
“Higher volumes leading to higher capacity utilisation, lower expenses on sales promotion and marketing and higher non-operating income contributed to increase in profits,” the automobile manufacturer said in a statement.
“This was partially offset by adverse foreign exchange movement.”
The passenger car major’s total income from operations during the period under review rose by 29.28 per cent to Rs 20,296.8 crore up from Rs 15,699.7 crore reported for the quarter ended September 30, 2015.
The company’s net sales during Q2 grew by 29.5 per cent to Rs 17,594.6 crore.
Maruti Suzuki sold 418,470 vehicles during the quarter under review, logging a growth of 18.4 per cent over the similar period of the previous fiscal.
The company’s sales in the domestic market grew by 18.5 per cent to 383,030 units, while exports increased by 17.9 per cent to 35,440 units shipped-out during Q2.
However, at the BSE, the company’s scrip slipped by 0.21 per cent to end the day’s trade at Rs 5,859.75 from its previous close of Rs 5,871.95. The scrip had touched its 52-week high of Rs 5,950.20 during the intra-day trade.