Maruti Suzuki Second-quarter Profit Beats Estimates, Higher Sales Aid
The company, majority-owned by Japan's Suzuki Motor Corp, reported a profit of 24.84 billion rupees ($381.86 million) for the second quarter ended Sept. 30, versus 24.02 billion rupees a year ago
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Maruti Suzuki India, the country's top-selling car maker, posted a more than 3 per cent rise in quarterly profit, beating estimates, helped by higher sales in its compact and utility vehicles segments.
The company, majority-owned by Japan's Suzuki Motor Corp, reported a profit of 24.84 billion rupees ($381.86 million) for the second quarter ended September 30, versus Rs 24.02 billion a year ago.
This came in above analysts' average estimate of Rs 22.29 billion, according to Thomson Reuters data.
Maruti, which provides the bulk of Suzuki Motor's revenues, sold a total of 492,118 vehicles during the quarter, up about 18 percent from a year ago.
Sales of compact vehicles, which includes Swift and Baleno, rose 43.5 per cent, while sales of utility vehicles like Ertiga and Vitara Brezza climbed 27.6 per cent.
The company dominates the small car market in India and has been expanding its offerings by launching more premium vehicles as competition heats up with newer and planned entrants such as Kia Motors and SAIC Motor Corp.
Maruti shares were trading up 1.6 per cent by 0826 GMT.
(Reuters)