Maruti Q2 net profit zooms nearly three-fold to Rs 670 cr
New Delhi: Country's largest car-maker Maruti Suzuki India on Monday said its net profit surged nearly three- fold to Rs 670.23 crore for the second quarter ended September 30, 2013 on low base effect, cost saving initiatives and positive impact of foreign exchange.
The company had posted a net profit of Rs 227.45 crore in the corresponding period last fiscal.
"The company's performance during the quarter has to be viewed in the context of unusually low levels of profit in the second quarter of last year (July-September 2012) owing to labour problems in Manesar," Maruti Suzuki India (MSI) said in a statement.
Higher localisation and cost reduction initiatives by the company also contributed significantly to bottomline growth during the second quarter, it added.
The company said the overall impact of foreign exchange was also positive during the quarter.
Net sales during the quarter under review stood at Rs 10,211.83 crore as against Rs 8,070.11 crore in the same period a year ago.
In terms of volumes, sales were up by 19.6 per cent to 2,75,586 units compared 2,30,376 in the year-ago period.
The company said new diesel engine facility at Gurgaon and the third assembly facility at Manesar went on stream during July-September, 2013.
"With this, the company's total capacity for vehicle assembly is 1.5 million vehicles per annum," MSI said.
Shares of Maruti Suzuki India Monday closed at Rs 1,513 apiece on the BSE, up 0.41 per cent from the previous close.