The Hindu : Business : Maruti Q2 net up 48 p.c.

Online edition of India's National Newspaper
Thursday, Oct 28, 2004

Business

Business

Maruti Q2 net up 48 p.c.

NEW DELHI, OCT. 27. Maruti Udyog has posted a 48 per cent rise in its net profit in the second quarter of this fiscal as vehicle sales drove up on the back of low interest rates.

The net profit stood at Rs. 183 crores during July-September against Rs. 123 crores during the second quarter last fiscal, a company statement said today.

Net sales rose 25 per cent to Rs. 2,698 crores from Rs. 2,157 crores. Sales of the company, which enjoys a 50 per cent market share, grew 19.7 per cent at 1.29 lakh units during the first half of this fiscal.

Maruti's shares had dived 12 per cent during the quarter under review as investors were worried over the announcement of its parent Suzuki to set up a new car plant under another joint venture.

The net profit jumped 45.1 per cent to Rs. 354 crores during the first half of this fiscal over Rs. 244 crores.

Net sales during April-September were Rs. 5,213 crores against Rs. 4,190 crores.

Vehicle sales surged 19.2 per cent to 2.53 lakh units. Last month, the Maruti board gave its nod to float a new joint venture between Maruti and Suzuki in the equity ratio of 70 and 30 per cent respectively. — PTI

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