Maruti Suzuki on Monday reported a 60.5 per cent jump in its net profit at Rs 1,284.2 crore (Rs 12.84 billion) for the fourth quarter.

The company had posted a net profit of Rs 800.05 crore (Rs 8 billion) in the same period last fiscal year, Maruti Suzuki India said in a statement.

"Higher volumes, material cost reduction initiatives, favourable foreign exchange and lower sales promotion expenses contributed to the bottom-line during the quarter," the company said.

Net sales during the quarter stood at Rs 13,272.6 crore (Rs 132.72 billion), up 12.3 per cent against Rs 11,818.13 crore (Rs 118.18 billion) in the same period last fiscal.

Sales in the quarter were up 6.7 per cent at 346,712 units, the company said adding that the exports were at 29,542 units, a growth of 12.4 per cent.

For the full fiscal ended March 31, the company posted a net profit of Rs 3,711.2 crore (Rs 37.11 billion) against Rs 2,783.05 crore (Rs 27.83 billion) in previous fiscal.

Net sales of the company for the fiscal stood at Rs 48,605.53 crore (Rs 486.05 billion), up 13.97 per cent from 42,644.76 crore (Rs 426.44 billion) last year.

Volume sales in the fiscal were up 11.9 per cent at 12,92,415 units. Of this, exports were at 121,713 units, a gain of 20.1 per cent, the company said.

The company said its board of directors recommended a dividend of 500 per cent, Rs 25 per share of face value Rs 5 for 2014-15.

The dividend in 2013-14 was at 240 per cent, Rs 12 per share of face value Rs 5.