Indian Suzuki car maker Maruti Udyog has reported a net profit of Rs 104.5 crore in 2001-02 on a turnover of Rs 9410.3 crore.
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The company had reported a net loss of Rs 269 crore in 2000-01 on a turnover of Rs 9253.3 crore.
The company also announced a dividend of 30%.
The turnaround came in a year when the Indian car market was flat and the overall economy remained depressed.
Maruti says it consolidated its leadership by improving quality, introducing special editions of its Suzuki-based 800, Zen and Esteem models and luring customers with aggressive promotions and advertising.
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By GlobalDataStrong volume increases for the WagonR and Alto also helped the results.
The percentage of defect free vehicles, which was about 20% in 2000-01, increased to over 70% in 2001-02, enabling the company to reduce manufacturing and warranty repair costs and enhance productivity.
Outsourcing of low value-added work and a substantial reduction in material handling also improved productivity.
During the year, the company offered a voluntary retirement scheme and almost 19% of employees signed up.
