Maruti Suzuki India Ltd has announced that during Q1 of 2016 (April-June 2016), the company sold a total of 348,443 units registering a growth of 2.1% over the same period of the previous fiscal.

This includes 322,340 units in the domestic market, a growth of 5.4 %. Exports during the quarter stood at 26,103 units. The growth in the first two months of the quarter had been 10.2% but the unfortunate incident of fire at a key vendor of the Company resulted in lower sales in June 2016. The Company hopes to recover the lost sales during the course of the year. During the quarter, the Company registered Net Sales (net of excise) of Rs. 146,545 million, up 12.1 per cent over the previous year.

Net Profit was Rs 14,862 million, a growth of 23 per cent year on year. The profit in the quarter was helped by a higher turnover, material cost reduction, higher non-operating income and lower depreciation. Adverse foreign exchange movement reduced profits to some extent. The financial results for the quarter have been prepared in compliance with the Indian Accounting Standards (Ind-AS) and for a like to like comparison, the results of Q1 2015-16 have been restated.

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