Country's largest carmaker Maruti Suzuki reports 27 pct increase in profit

The country's largest carmaker Maruti Suzuki India (MSI) today reported 26.91% percent increase in standalone net profit to Rs 1,975.3 crore for the first quarter ended June 30, 2018-19.

It had posted the net profit of Rs 1,556.4 crore in the April-June period of last fiscal, 2017-18, MSI said in a regulatory filing.

Its sales during the period under review stood at Rs 21,810.7 crore. They were at Rs 19,374.1 crore.

MSI said the two figures are not comparable as revenues from the operation are reported net of GST since the implementation of the new tax regime in July 2017.

During the first quarter of the current fiscal, MSI sold 4,90,479 vehicles, a growth of 24.3 percent over the year-ago period.

"Sales in the domestic market stood at 4,63,840 units, a growth of 25.9 percent. Exports were at 26,639 units," it said.

During the period, operating margins improved due to lower advertisement expense but was partially offset by adverse commodity prices.

MSI stock was trading nearly 3 per cent down at Rs 9,466.10 on BSE in the afternoon.

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