The country's largest car maker, Maruti Suzuki, has reported a near 16 per cent jump in net profit to Rs 1,709 crore, for the fourth quarter ended on March 31, 2017. The FY17 profit surged 37 per cent to Rs 7,337 crore, helped by volume growth and better product mix.
Sales revenue for the fourth quarter rose over 20 per cent to Rs 18,005 crore. Maruti sold 414,439 vehicles during the quarter, up 15 per cent over same quarter last year. Revenue for the year grew over 18 per cent to Rs 66,909 crore. The annual volume growth was 9.8 per cent to 1.56 million units.
The company said increase in commodity prices and adverse forex movement took away part of the gains brought by increase in volumes, rising realisation due to product mix and other cost reduction initiatives.
The company, which has a 47 per cent share in the domestic passenger vehicle market, saw its stock price zoom to a new high of Rs 6,444 on the Bombay Stock Exchange, ahead of the results. At 1.50 pm, it was trading at Rs 6,385, down 0.34 per cent.