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Maruti Q3 net profit falls 18%, lags forecast

Maruti Q3 net profit falls 18%, lags forecast
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First Published: Sat, Jan 29 2011. 01 14 PM IST
Updated: Sat, Jan 29 2011. 01 14 PM IST
Mumbai: Maruti Suzuki , India’s top carmaker, reported a 18 % drop in its December quarter net profit, slightly below forecasts.
Maruti, 54.2% owned by Japan’s Suzuki Motor Corp , on Saturday reported a net profit of Rs 565 crore ($123.5 million) for its fiscal third quarter ended 31 Dec, compared to Rs 688 crore a year earlier.
A Reuters poll had forecast a net profit of Rs 597 crore for Maruti, which roughly sells half the cars in India but is facing intensifying competition from the likes of South Korea’s Hyundai Motors , the second-largest carmaker in India as well as domestic rivals.
Maruti shares, worth $7.83 billion, have fallen 13% this fiscal year, lagging the sector index which has risen 15% and the main index which has risen 5%.
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First Published: Sat, Jan 29 2011. 01 14 PM IST