Lower costs, higher sales boost Maruti Suzukis Q1 net by 56%

July 28, 2015 14:04

Maruti Suzuki India Ltd, India's biggest carmaker by sales, said on Tuesday first-quarter net profit rose 56 per cent helped by lower costs, favourable foreign exchange rates and higher sales, but still missed bullish analyst estimates.

Maruti, controlled by Japan's Suzuki Motor Corp, said profit for the April-June quarter was Rs 11.9 billion ($185.94 million), up from Rs 7.6 billion in the same period a year earlier. Analysts had expected a profit of Rs 12.35 billion Net sales rose about 18 per cent to Rs 130.8 billion, the company said.

"During the quarter, higher volumes, cost reduction efforts, lower sales promotion expenses, and favourable foreign exchange helped improve the performance," the company said in a stock exchange statement.

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