Despite a rise in the cost of raw materials, Indian automaker Maruti Udyog has reported a 66% jump in net profits for its first quarter, compared to the same period last year.
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Net profits reached 3.7 billion rupees (US$79m) in the quarter, as the company benefited from cost savings and strong sales, which were up 24% to 32.69 billion rupees.
India’s leading car maker, which is controlled by Japan’s Suzuki, said sales volumes rose 19% to 144,948 units in April-June from a year earlier.
Earlier this month, the car maker said it was set to raise prices to combat increased production costs.
The managing director of Maruti Udyog, Jagdish Khattar, told Reuters: “It will be on more than one product.”
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