Maruti Suzuki Q3 net profit up 47% to Rs 1,744 crore

Mumbai: Passenger car major Maruti Suzuki on Wednesday reported a rise of 47.5 percent in net profit for the third quarter (Q3) of 2016-17.

The net profit increased to Rs 1,744.5 crore for the quarter ended December 31, 2016 from Rs 1,183 crore in the corresponding period of 2015-16.

"Increase in share of the company`s higher segment models, lower sales promotion and marketing expense, cost reduction efforts and higher non-operating income contributed to increase in profits," a company statement said.

"This was partially offset by the increase in commodity prices and adverse foreign exchange movement during the quarter."

The passenger car major`s total income from operations during the period under review rose by 13.06 percent to Rs 19,173.1 crore, from Rs 16,957.6 crore reported for the quarter ended on December 31, 2015.

The company`s net sales during Q3 grew by 12.4 percent to Rs 16,623.6 crore.

Maruti Suzuki sold 387,251 vehicles during the quarter under review, logging a growth of 3.5 percent over the similar period of the previous fiscal.

The company`s scrip at the BSE rose by 0.45 percent (at 3.00 p.m.) at Rs 5,765 from its previous close of Rs 5,739.15.