EXCLUSIVE: INDIA: Maruti reports Q1 profits up 42%
Maruti vehicle sales grew 19% and net profit improved by 42.1% in the first quarter compared with 24.1% a year ago.
The company recorded net profits of INR1.7092 billion (approx. €30.52 million) during April-June 2004. Profit before tax was INR 2.672 billion during April-June 2004, a growth of 55.1% over the same period last year.
Maruti's total income (net of excise) was INR 26.1646 million (€467.22 million).
The company sold 123,624 Suzuki-designed vehicles, including exports of 12,240 units.
While domestic passenger car sales grew 19.4 % in April-June 2004, Maruti's sales rose 21.1%.
Maruti's market share in the domestic passenger car market increased from 55% in April-June 2003 to 55.8 % in April-June 2004.
The first quarter (April-June 2004) was marked by higher raw material prices and a price reduction for the Alto model.
The company benefited from higher sales and cost savings from it on-going programme to improve productivity.
Deepesh Rathore / Tilak Swarup