Maruti Suzuki December quarter net profit soars

Maruti Suzuki December quarter net profit soars
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First Published: Sat, Jan 23 2010. 03 08 PM IST
Updated: Sat, Jan 23 2010. 03 08 PM IST
Mumbai: India’s top carmaker Maruti Suzuki’s December quarter net profit more than tripled on improved sales, the company said on Saturday.
Maruti, in which Japan’s Suzuki Motor Corp holds a 54.2% stake, reported net profit of Rs688 crore ($149.2 million) compared with Rs214 crore a year earlier.
Net sales rose to Rs7334 crore rupees from Rs4513 crore year ago.
A Reuters poll of 13 brokerages forecast net profit at Rs577 crore on net sales of Rs7496 crore.
The company sold 258,026 vehicles in the quarter, a rise of nearly 49% from a year earlier.
Maruti sells around one in every two cars in India, with models including the best-selling Alto, A-Star and Ritz hatchbacks and the popular sedan Swift D’Zire.
Shares in Maruti, valued at $9 billion, fell 8.2% in the December quarter, compared with a near 2% rise in the main index.
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First Published: Sat, Jan 23 2010. 03 08 PM IST