India’s largest listed car maker, Maruti Udyog, on Wednesday announced strong growth in its fiscal first quarter net profit due to a surge in discount-driven sales, Dow Jones reported.
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The news agency noted that cuts in royalty fees to its controlling shareholder Suzuki Motor enabled Maruti to offer big price cuts to buyers.
Dow Jones said that recently-privatised Maruti, whose shares debuted on the Bombay Stock Exchange this month, posted net income of 1.23 billion rupees in the first quarter of its current financial year, which ends in March 2004.
The car maker made only a modest profit of 115 million rupees in the fiscal year-ago quarter after losing market share to rival car makers, who came out with new models, the report noted, adding that Maruti’s first-quarter revenues rose 44.7% to 21.1 billion rupees from 14.58 billion in the same quarter of fiscal 2002-2003.
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