Maruti Q2 net up 99.3%, sees FY10 capex at Rs 2,100 cr

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Maruti Q2 net up 99.3%, sees FY10 capex at Rs 2,100 cr

Maruti Suzuki has come out with its second quarter FY10 results. Its net profit shot up 99.3% to Rs 570 crore versus Rs 286 crore, on year-on-year basis (YoY).

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Maruti Suzuki has come out with its second quarter FY10 results. Its net profit shot up 99.3% to Rs 570 crore versus Rs 286 crore, on year-on-year basis (YoY). 

The company's net sales increased 45.94% to Rs 7,049 crore as against Rs 4,830 crore (YoY).

The topline as well as the bottomline numbers were below expectations. CNBC-TV18 was expecting net profit at Rs 597 crore and net sales at Rs 7,091 crore. 

Raw material cost went up 46.9% to Rs 5,255 crore versus Rs 3,578 crore (YoY).

In a press conference, Maruti said buoyant exports helped strong growth in second quarter. However, the company said they would be cautiously optimistic on volumes in near future and margins will be seen under pressure going forward. "High commodity prices and strong Yen will tighten margins."

The company's Q2 domestic passenger car market share stood at 54.9%, it added.

Maruti Says

-Development of new models on track
-Concerned that input costs could go up
-Target 1.3 lakh units exports in FY10
-Remain watchful of interest rates, inflation
-Domestic demand broadly good
-See good market potential for CNG vehicles
-Expect higher steel prices in October-March
-FY10 capex seen at Rs 2,100 crore
-FY11 capex seen around Rs 2,000 cr
-Company has cash reserves of Rs 5,300 cr
-Not sure strong demand to continue after October

To view the company's press conference declaring results, watch video