Chennai, Jan 31 (IANS): Passenger car major Maruti Suzuki India Ltd closed the third quarter of FY24 with a higher net profit of Rs 3,130 crore on the back of lower material cost and increased sales volume.

In a regulatory filing on Wednesday, the company said for the quarter ended 31.12.2023 it has earned sales revenue of Rs.31,860 crore (Q3FY23 Rs 27,849.2 crore) and an after tax profit of Rs.3,130 crore (Rs.2,351.3 crore).

For the period under review, the company's total revenue from operations stood at Rs 33,308.7 crore (Rs 29,044.3 crore).

During the third quarter, the company acquired Suzuki Motor Gujarat Private Limited (SMG) acquiring 100 per cent its equity shares Suzuki Motor Corporation (SMC), Japan for Rs 12,841.1 crore.

According to Maruti Suzuki, it had sold 501,207 units during the third quarter up from 465,911 units sold during the corresponding period of the previous year.

The company said softening of the commodity prices, improved capacity utilisation and realisation and cost reduction efforts resulted in improved margin.