Maruti Q1 profit soars 23% to Rs1,486 crore

New Delhi, July 26

Maruti Suzuki India today reported a 23% jump in net profit for the first quarter to Rs 1,486.2 crore, its best-ever quarterly result, on the back of material cost reduction and higher non-operating income.

Net sales rose by 12.1% to Rs 14,654.5 crore for the first quarter as against Rs 13,078.3 crore last year, Maruti Suzuki India said.

“The profit was helped by a higher turnover, material cost reduction, higher non-operating income and lower depreciation.

Adverse foreign exchange movement reduced profits to some extent,” it added.

The firm said it sold 3,48,443 units during the quarter, a growth of 2.1% a year ago. — PTI