The country’s largest carmaker Maruti Suzuki India (MSI) Thursday reported a 28.69 percent increase in net profit at Rs 862.54 crore for the second quarter ended September 30, 2014-15 on the account of growth in domestic sales.
It had posted net profit of Rs 670.23 crore in the same period last fiscal, MSI said in a statement.
Net sales during Q2, 2014-15, stood at Rs 11,996.33 crore, up 17.47 percent as against Rs 10,211.83 crore in the same quarter of last fiscal.
MSI sold 3,21,898 units of vehicles during Q2, a growth of 16.80 percent, compared with 2,75,586 units in the corresponding year-ago period.
Sales in the domestic market stood at 2,87,687 units, up 19.09 percent while exports were at 34,211 units, up marginally by 0.54 percent.
“Growth in domestic sales and cost reduction initiatives by the company contributed significantly to bottomline growth during the quarter,” Maruti said.
Meanwhile, the Board of Directors of the company have recommended an increase in the FII limit to 40 percent, from 24 percent currently.
Maruti’s net profit during half year period ended September 30, 2014 stood at Rs 1624.82 crore, up 24.8 percent, as against Rs 1,301.84 crore in the same period last year.
During half year period ended September 30, 2014, the company sold a total of 6,21,792 vehicles, an increase of 14.7 percent and its net sales stood at Rs 23,069.84 crore, up 14.2 percent over the same period last year.
The MSI scrip was trading at Rs 3,248.70 apiece, up 1.35 percent, on the BSE.