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Net sales during the quarter stood at INR 12,263.14 crore, up 15.5 per cent against INR 10,619.68 crore in the same period previous fiscal. Volume sales in the quarter were up 12.4 per cent at 3,23,911 units compared to 2,88,151 units in the same period last fiscal, it added. Domestic sales were at 2,95,202 units as against 2,68,185 units in the same period last fiscal. Exports stood at 28,709 units compared to 19,966 units in the year-ago period. Revenue from exports were at INR 1,224 crore during the quarter. Also Read - Maruti Suzuki October 2021 Domestic Sales Decline 32 Per Cent, Exports Rise 122 Per Cent

“Higher volumes, material cost reduction initiatives and favourable foreign exchange contributed to the bottomline during the quarter,” the company said in a statement. Speaking to analysts, MSI Chief Financial Officer Ajay Seth said market conditions were still weak and may take some more time for demand to pick up fully. Also Read - Maruti September 2021 Sales: Popular Models Suffer Major Decline, Only These Two Vehicles Witness Growth

“The (current) situation indicates that we have to support sales with incentives. The quantum of average discounts during the quarter across models was around INR 21,000 per vehicle,” he said, adding the discounts were unlikely to be withdrawn before the second half of next fiscal.

Seth said the withdrawal of excise duty concessions and resultant price increase has impacted sales, particularly in the entry level segment. Shares of Maruti Suzuki India closed at INR 3,685.20 per share, up 2.12 per cent from their previous close on the BSE.

(PTI)