Maruti net jumps 60% on sales push

Riding on record sales, country's largest carmaker Maruti Suzuki India posted a better than expected 60.18% surge in second-quarter net profit. At Rs 2,398 crore, this is the company's best-ever quarterly profit. Analysts, on average, had expected a profit of Rs 1,792 crore, Thomson Reuters data showed.

Its total income from operations rose by 29.28% to Rs 20,296.8 crore during the second quarter of the current fiscal as against Rs 15,699.7 crore in the year-ago period, MSI said. The company sold 4,18,470 vehicles during the quarter under review, a growth of 18.4% over a year ago.

Maruti Suzuki India chairman R C Bhargava said, “It has been in many ways best quarter we have ever had.” “As per the second quarter performance in the ongoing fiscal, on annualised basis, the production would have crossed 1.7 million cars, which is “way beyond 100% capacity utilisation,” he said. -Reuters