Maruti Suzuki India, the largest passenger car maker in India, on Monday posted a rise of 60.50% in net profit for the fourth quarter. The company reported a net profit of Rs 12.84 billion for the third quarter ended Mar. 31, 2015 compared with Rs 8 billion in the same period last year. Analysts on average had predicted net profit of Rs 11.45 billion.

Commenting on the results, Maruti said, 'Higher volumes, material cost reduction initiatives, favorable foreign exchange and lower sales promotion expenses contributed to the bottom-line during the quarter.' 
 
Net sales for the quarter increased 12.51% to Rs 136.25 billion, compared with Rs 121.1 billion for the prior year period.

During the quarter, the company sold 346,712 vehicles in Q4, a growth of 6.7%. Of this, exports were at 29,542 units, a growth of 12.4%.

The board of directors recommended a dividend of 500%, i.e. Rs 25 a share of face value Rs 5, for 2014-15. The dividend in 2013-14 was at 240%, i.e. Rs 12 a share of face value Rs 5.

Shares of the company gained Rs 95.2, or 2.69%, to trade at Rs 3,635. The total volume of shares traded was 82,446 at the BSE (1.46 p.m., Monday).