Maruti Suzuki's Q3 standalone net profit up

Automobile major Maruti Suzuki India on Tuesday reported a rise of 5.1 per cent in its standalone net profit for the quarter ended December 31, 2019.

According to Maruti Suzuki, the net profit during the quarter under review increased to Rs 1,564.8 crore, from Rs 1,489.3 crore during the corresponding period of the previous year.

"Net profit for the quarter stood at Rs 15,648 million, higher by 5.1 per cent compared to the same period previous year on account of cost reduction efforts, lower operating expenses, lower commodity prices and reduction in corporate tax rate, partially offset by higher sales promotion expenses, higher depreciation, and lower fair value gains on invested surplus," the company said in a statement here.

Besides, the company's net sales rose by 3.8 per cent to Rs 19,649.1 crore compared to the same period previous year.

The auto major blamed the combination of several adverse factors such as adverse commodity prices and adverse foreign exchange rates, among others, which impacted profits.

The company sold a total of 428,643 vehicles during the quarter, higher by 2 per cent compared to the same period previous year. 

"Sales in the domestic market stood at 413,698 units, higher by 2 per cent. Exports were at 23,663 units," the statement said.