Wednesday, 25 January 2017

Maruti Suzuki third-quarter profit up 48 percent on sales of pricier cars

Maruti Suzuki India Ltd posted a 47.5 percent rise in third-quarter profit, the country's top-selling car maker said on Wednesday, helped by strong sales of its new, pricier cars and sport-utility vehicles. Net profit for the three months ended Dec. 31, rose to 17.45 billion rupees ($256 million) compared with 11.83 billion rupees in the year-ago quarter, the company said in a statement. 

The year-ago net profit has been adjusted to reflect the new accounting rules adopted by India. Analysts expected it to post a profit of 17.47 billion rupees. Total income from operations of the car maker, which is majority owned by Japan's Suzuki Motor Corp, rose 13 percent to 191.7 billion rupees. The company sold a total of 387,251 vehicles during the quarter, up 3.5 percent from the year ago period.

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