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Maruti in top gear with 80% surge in net profit

This article was posted on Apr 27, 2013 and is filed under Stock News

Despite a slowdown in the domestic automobile industry, Maruti Suzuki India Limited (MSIL) recorded its highest-ever quarterly profit of Rs 1,147.5 crore for the quarter ended March.

Before this, its highest quarterly profit was Rs 688 crore, recorded in the third quarter of 2009-10.

For the quarter ended March, the profits of the country’s largest automaker rose a steep 79.8 per cent, driven by a weaker yen that makes auto components it imports from Japan cheaper, aggressive cost-reduction programmes, localisation efforts and strong demand for models such as the Swift, Swift DZire and Ertiga. In the corresponding quarter last year, the company’s profit stood at Rs 639.84 crore. Net sales rose 9.4 per cent to Rs 12,566.6 crore, compared with Rs 11,486.4 crore in the year-ago period. The company’s sales volume declined 4.6 per cent to 343,709 units during the quarter.

Ajay Seth, chief financial officer of MSIL, said, “The increase in net profit during the quarter was due to many factors. These included higher average realisation from sales of new models such as the Ertiga, DZire and Swift, ongoing cost reduction and localisation efforts, price increases on our products and benefits from a favourable exchange rate.”

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