Maruti posts 3.4% rise in Q2 net profit
New Delhi, Oct. 27: Country’s largest carmaker Maruti Suzuki India on Friday posted just over 3 per cent rise in its net profit at `2,484.3 crore for the second quarter to September, hit by lower non-operating income.
The company had reported a net profit of `2,401.5 crore for the same period of the previous fiscal.
Net sales, however, rose 21.8 per cent to `21,438.1 crore for the quarter under review as against `20,048.6 crore a year ago, Maruti Suzuki India said.
“The main reason for 3.4 per cent growth in net profit was decline in amount of non-operating income during the quarter,” chairman R.C. Bhargava said.
The company had a onetime gain of such income in the same period of the previous fiscal, he added.
“Tax was also on the higher side this fiscal (as compared to the same period of the last fiscal),” Mr Bhargava said.
Moreover, there was some impact of commodities and advertisement expenses, along with increase in effective tax rates.
During July-September, the company sold a total of 4,92,118 vehicles, including 34,717 in overseas markets, a growth of 17.6 per cent over the same quarter a year ago.
“Models like Baleno, Vitara Brezza and Dzire continue to be on high demand,” he said.
On sales outlook for the current fiscal, Bhargava held that the company is maintaining a doubledigit forecast.“However, do not expect it to be 19-20 per cent, but it is going to be in double digits for sure,” he asserted.