Maruti Suzuki Q3 net up 36 pc at Rs 681 crore

The country's largest car-maker Maruti Suzuki India today posted a 35.87 per cent increase in net profit to Rs 681.15 crore for the third quarter ended December 31.

The company had posted a profit of Rs 501.29 crore in the corresponding period of the previous financial year.

Net sales declined 3.07 per cent to Rs 10,619.68 crore from Rs 10,956.95 crore a year earlier, Maruti Suzuki said in a statement.

"Higher localisation, favourable foreign exchange and cost reduction initiatives by the company contributed significantly to net profit," it said.

The volume of sales dropped 4.41 per cent to 2,88,151 vehicles during the third quarter from 3,01,453 units.

The company's board today decided that the investment in the Gujarat facility will be made by a 100 per cent Suzuki subsidiary and not Maruti Suzuki.

"The company will be named Suzuki Motor Gujarat Pvt Ltd with a starting capital of Rs 100 crore," Suzuki Motor Corporation Chairman Osamu Suzuki said. The company will not be listed and will be set up by April.

Maruti Suzuki shares fell 2.78 per cent to Rs 1,654 on the BSE.

EDITORIAL OF THE DAY

  • Legalising betting on cricket will raise tax collections for cash-strapped government

    Last month, Justice RM Lodha committee on cricket reforms made several groundbreaking recommendations to the Supreme Court.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Arun Nigavekar

Tablets, memory cards for educatioNext

The Commonwealth he­ads of government mee­ting held in Malta last ...

Rajgopal Nidamboor

Try to awaken the archaeologist within

Our mind is far ahead of René Descartes’ famous maxim, ...

Dharmendra Khandal

Urbanisation is costing us our wildlife

The road transport and highways minister Nitin Gadkari aims to ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture