Mumbai: Automobile giant Maruti Suzuki Tuesday reported an increase of 18.02 percent in its net profit for the first quarter of the current fiscal at Rs.549.23 crore, up from Rs.465.36 crore in the corresponding period of 2010-11.”Higher commodity prices and foreign exchange volatility has put pressure on margins as compared to the same period previous year,” the company said in a regulatory filing to the Bombay Stock Exchange (BSE).

According to the filing, the auto giant's net sales for the quarter under review stood at Rs.8,319.90 crore, an increase of 3.34 percent over the first quarter sales of Rs.8,050.67 crore in 2010-11,
 
“Sales were dampened due to sharp increase in fuel prices and higher interest rates,” said the company in a filing.

The company further said that it sold a total of 281,526 units in the first quarter as against 283,324 units in the corresponding quarter of last fiscal.

“During the quarter, the company sold 250,683 units in the domestic market. Exports were at 30,843 units, against 40,437 units in the same period of the previous year,” the company said.

Other income of the automobile major shot-up by 79.28 percent in Q1 at Rs.180.07 crore from Rs.100.44 crore in Q1 of 2010-11.

The company's scrip at the BSE rose by 0.62 percent in the afternoon trading session and stood at Rs.1,189.


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(Agencies)