India’s passenger car market leader Maruti Udyog, which builds Suzuki-designed models, has reported fiscal third quarter income up 26.9% to INR30.164 billion (€538.64 million).

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Net profit for fiscal Q3 2005 was INR2.396 billion (€42.785 million), up 70.3% over the October-December 2003 period.


Revenue for the first nine months of the fiscal year was INR84.227 billion (€1.504 billion), up 24.5% over the previous year.


Profit before tax for the first nine months was up 68.7% year on year to INR9.146 billion (€163.32 million). Net profit for the first nine months was up 54.3% to INR 5.941 billion (€106 million). Healthy growth resulted in a net profit for the first nine months of FY2005 that now exceeds the total for the previous full fiscal year.


The rise in profits is partly the result of Maruti increasing total unit sales by 19% during the first nine months. The company sold 389, 541 cars in the April-December 2004 period , compared to 328,019 a year ago. Export volume grew 8.3% to 37,958 units.

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The company’s product mix has however shifted away from an emphasis on the M800 (based on the early 1980s Suzuki Alto) which, according to estimates, is also the most profitable model in the Maruti stable, the company having amortised most of the fixed costs.


Profits were adversely affected by steep price increases for steel and other raw materials during the period.


The company said its profits boost was mostly achieved by cost reduction using value analysis and value engineering in conjunction with suppliers.


Deepesh Rathore / Tilak Swarup