It had posted net profit of Rs 631.60 crore in the same period last fiscal, MSI said in a statement.

Net sales during Q1, 2014-15 stood at Rs 11,073.51 crore, up 10.78 percent as against Rs 9,995.12 crore in the same quarter of last fiscal.

MSI said it sold 2,99,894 vehicles during Q1, a growth of 12.6 percent over the year-ago period.

Sales in the domestic market stood at 2,70,643 units, up 10.3 percent. Exports were at 29,251 units, up 38.7 percent.

The company said its cost reduction and localization initiatives, growth in volumes and favourable foreign exchange helped improve the bottomline during the quarter.

The MSI scrip was trading at Rs 2,558.10, up 0.24 percent, on the BSE.

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