Maruti Q4 net drops 18.5%, misses forecast

Maruti Q4 net drops 18.5%, misses forecast
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First Published: Fri, Apr 24 2009. 05 39 PM IST
Updated: Fri, Apr 24 2009. 05 39 PM IST
Mumbai: India’s top car maker, Maruti Suzuki India Ltd on Friday reported a surprising 18.5% drop in quarterly net profit, missing forecast, due to higher raw material costs and inventory.
Maruti, in which Japan’s Suzuki Motor Corp holds a 54.2% stake, said net profit fell to Rs243 crore ($48.8 million) in the fiscal fourth quarter ended March from Rs298 crore reported in the same period a year earlier.
That lagged a forecast of nearly Rs400 crore in a Reuters poll of 16 brokerages.
Maruti holds about half the Indian car market with models such as the best-selling Alto and recently launched hatchbacks A-Star and sedan Swift DZire.
Shares in Maruti, valued at $4.6 billion, rose 49% in the March quarter, outperforming the main index that rose 0.6% and the sector index’s 25% gain.
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First Published: Fri, Apr 24 2009. 05 39 PM IST
More Topics: Company results | Maruti | Auto | Q4 | Profit |