Maruti net up 49%, cheaper imports offset drop in sales

[caption id=“attachment_986071” align=“alignleft” width=“380”] Reuters[/caption]

Maruti Suzuki, India’s biggest carmaker, posted a 49 percent jump in first-quarter net profit as a drop in sales volumes was offset by cheaper imports from Japan due to a decline in the value of the yen.

Maruti, 56.2 percent owned by Japan’s Suzuki Motor Corp, said net profit rose to Rs 632 crore for the three months to June from Rs 424 crore a year earlier.

The results included the impact of the company’s merger with its engine production unit.

Analysts on average had expected the company to report a net profit of Rs 6 20 crore, according to a CNBC-TV18 poll.

Agencies