Maruti Suzuki’s Q3 net rises 24%

Automobile major M aruti Suzuki I ndia on T hursday reported a rise of 24.1% in its net profit for the quarter ended December 31, 2020, owing to higher sales and non-operating income.

According to the automobile man ufacturer, the net profit during the quarter under review rose to Rs 1,9 41.4 crore fr om Rs 1,5 64.8 cr ore during the cor responding period of previous fiscal.

"During th e quar ter, the company re gistered n et sales of Rs 222,367 million, an incr ease of 13. 2% compared to the same perio d previous year," the compa - ny said in a statement.

"The ' Operating Profit for the Quar ter' was a t Rs 14,848 million, a g rowth of 19.3% over the same period previous year on account of higher sales v olume and cost r eduction ef forts partially o ffset b y increase in commodity prices and adverse f oreign e xchange movement."

Besides, the company sold a total of 495,897 v ehicles during the quar ter, h igher by 13.4% compared to the same period previous year.

"Sales in the domestic market stood a t 467,369 units, g rowing by 13%. Exports w ere a t 28, 528 un its, higher by 20.6%."

Furthermore, the company's sa les fell b y 18% during the first nine months of FY21 to 965,626 vehicles.

"Sales in the domestic market stood a t 905,015 units, lo wer b y 17.8%. Exports w ere a t 60,611 units, declining by 21.9%."

"During the period, the company r egistered net sales of Rs 436,035 million, lower b y 20% compar ed to that in the same period previous year."