Maruti Suzuki's Q3FY21 net profit rises over 24%

Maruti Suzuki's Q3FY21 net profit rises over 24%
Maruti Suzuki
New Delhi, Automobile major Maruti Suzuki India on Thursday 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 manufacturer, the net profit during the quarter under review rose to ₹1,941.4 crore from ₹1,564.8 crore during the corresponding period of previous fiscal.

"During the quarter, the company registered net sales of ₹222,367 million, an increase of 13.2 per cent compared to the same period previous year," the company said in a statement.

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"The 'Operating Profit for the Quarter' was at ₹14,848 million, a growth of 19.3 per cent over the same period previous year on account of higher sales volume and cost reduction efforts partially offset by increase in commodity prices and adverse foreign exchange movement."

Besides, the company sold a total of 495,897 vehicles during the quarter, higher by 13.4% compared to the same period previous year.

"Sales in the domestic market stood at 467,369 units, growing by 13%. Exports were at 28,528 units, higher by 20.6 per cent."

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