Maruti Suzuki December quarter net profit soars

Maruti Suzuki December quarter net profit soars

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.