Maruti Suzuki Q2 net up 5%, meets forecast

Maruti Suzuki Q2 net up 5%, meets forecast
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First Published: Sat, Oct 30 2010. 02 27 PM IST
Updated: Sat, Oct 30 2010. 02 27 PM IST
New Delhi: Maruti Suzuki on Saturday reported a 5% rise in quarterly net profit, in line with forecasts, as strong demand helped offset a rise in input costs.
Maruti, 54.2% owned by Japan’s Suzuki Motor Corp, said net profit stood at Rs598 crore ($135 million) for its fiscal second quarter ended 30 September, up from Rs570 crore a year earlier.
A Reuters poll had forecast net profit at Rs588 crore for Maruti, which sells roughly half the cars in India but is facing intensifying competition from the likes of South Korea’s Hyundai Motors, the second-largest car maker in India, as well as domestic rivals.
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First Published: Sat, Oct 30 2010. 02 27 PM IST