New Delhi, July 31: Maruti Suzuki India has reported a 20.69 per cent rise in net profit at Rs 762.28 crore for the first quarter ended June 30, 2014, compared with Rs 631.60 crore a year ago, driven by positive consumer sentiment after the elections, discounts and excise duty cuts.
“With the return of the first-time buyer after the elections, the company’s top selling model Alto crossed the 30,000-mark in June, while the WagonR went past 17,000 for the first time,” chief financial officer Ajay Seth said.
Net sales during the first quarter stood at Rs 11,073.51 crore, up 10.78 per cent from Rs 9,995.12 crore in the April-June quarter of the last fiscal.
“We started the quarter with low consumer sentiments, high inflation and other factors that affected the economy last year. After the elections, consumer sentiments turned positive,” Seth said.
Maruti sold 2,99,894 vehicles during the April-June quarter, a growth of 12.6 percent over the year-ago period.
Sales in the domestic market stood at 2,70,643 units, up 10.3 per cent. Exports rose 38.7 per cent to 29,251 units.
The car maker has lined up a slew of products, including the mid-sized sedan Ciaz, a light commercial vehicle and a compact SUV, over the next 12 months.
Maruti shares closed 1.07 per cent down to Rs 2,524.50 on the BSE.
On the NSE, the stock settled with a loss of 1.19 per cent at Rs 2,522.