Country's leading automotive player Maruti Suzuki has reported a growth of about 18% in its net profit with about Rs 802.2 crore for the third quarter which ended on December 31st, 2014. Last fiscal in the same period the company had reported a net profit of about Rs 681.15 crore. The company's statement in this regard, stated, “Higher volumes, material cost reduction initiatives and favorable foreign exchange contributed to the bottom-line during the quarter.”
Speaking more on market conditions Ajay Seth, MSI Chief Financial Officer, said, “The (current) situation indicates that we have to support sales with incentives...The quantum of average discounts during the quarter across models was around Rs 21,000 per vehicle.” Volume sales were also reportedly up in the quarter by 12.4 per cent at 3,23,911 units as compared to 2,88,151 units that was reported in the same period last fiscal. Revenue from the exports were also reportedly standing at about Rs 1,224 crore during the quarter.
