NEW DELHI (TIP): Maruti Suzuki reported a 27% growth in net profit in the quarter ending December 31, 2015 on the back of higher sales and cost reduction initiatives. Earnings in the period stood at Rs 1,019 crore against Rs 802 crore in October-December 2014.

The company, which recently launched a new car ‘Baleno’ compact, said net sales volume in the period was up 15% at 3.74 lakh units, including 31,187 units through exports, which grew 9%. Sales revenue of the company (net of excise) stood at Rs 14,768 crore, showing a year-on-year growth of 20%.

“Higher volumes, material cost reduction initiatives and favourable foreign exchange contributed to profit during the quarter,” the company said. Maruti Suzuki’s stock closed the day at Rs 4,093 on the Bombay Stock Exchange, down 0.4% in a nearflat market.

The company plans to drive in a new mini SUV ‘Vitara Brezza’ over the coming months and will showcase the vehicle at the Delhi Auto Expo which begins in the first week of February. Net profit in the nine months of the fiscal (April-December 2015) stood at Rs 3,438 crore, showing a growth of 42%. Net sales volume in the period moved up by 13% at 10.7 lakh vehicles, while sales revenue grew by 17% at Rs 41,421crore.