India's largest carmaker Maruti Suzuki India yesterday approved the financial results for the Quarter 1 (April-June) of the financial year 2013-14, according to which the company recorded a drop of 5.1 per cent in its net sales. However, Net profit for the quarter has been 48 per cent.
The Company posted Net sales (net of excise) of Rs. 99,951 million during April-June 2013, a drop of 5.1 per cent over the same period in the previous year. The fall in unit sales was in line with the overall industry, and the Company was able to maintain its market share. Favorable foreign exchange rates during the quarter helped improve export realization and limit the impact on Net sales.
Net profit for the quarter stood at Rs. 6,316 million, a growth of 49.0 per cent over the same period in the previous year. The increase was due to focussed cost reduction efforts undertaken by the Company, favourable foreign exchange rates and the benefit from merger of Suzuki Powertrain India Limited (SPIL) with the Company last fiscal.