Maruti Q1 net jumps 18% to Rs 549 cr

Maruti Suzuki India Ltd has reported an 18.02 per cent increase in net profit for the first quarter ended June 30, 2011, to Rs 549.23 crore against Rs 465.36 crore during the same quarter last fiscal.

According to a company statement, the total income from operations stood at Rs 8,529.30 crore against Rs 8,309.18 crore, an increase of 2.65 per cent.

The company said higher commodity prices and foreign exchange volatility had put more pressure on margins in comparison to the corresponding period of the previous fiscal.

“The market was sluggish, mainly due to a sharp increase in fuel prices and higher interest rates,” it said.

Total sales were marginally down during the quarter at 2,81,526 units against 2,83,324 units in the same period last fiscal.

Meanwhile, the company shares were being quoted at Rs 1,193 during the afternoon trade on the BSE, up 0.96 per cent from its previous close.