Maruti Suzuki Net Profit Surges 47% In December Quarter, Shares Rise

India's biggest carmaker Maruti Suzuki on Wednesday reported that its net profit in the December quarter rose 47.46 per cent as compared to its year-ago period. Maruti Suzuki's net profit came in at Rs. 1,744.5 crore on income of Rs. 19,791 crore, compared with profit of Rs.1,183 crore on income of Rs. 16,957 crore during the same period last year.

During the third quarter of current financial year, Maruti Suzuki sold a total of 387,251 vehicles, a growth of 3.5 per cent over the same period previous year. Out of the total vehicles sold, 30,748 units were exported to other countries.

Analysts expected it to post a profit of Rs. 1,747 crore, according to Thomson Reuters data. 
"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. This was partially offset by the increase in commodity prices and adverse foreign exchange movement during the quarter," Maruti Suzuki in a statement. 

Post the results, Maruti Suzuki's share traded 1.17 per cent higher at Rs. 5,806, outperforming the Nifty which was up 0.84 per cent.