Good sales, low base push Maruti Q3 Net up by over two-fold

Riding on good sales of new models like Ertiga and Swift DZire, and benefiting from low base effect, the country's largest car maker Maruti Suzuki India today reported an over two-fold jump in net profit at Rs 501.29 crore for the third quarter ended December, 2012.

The company's net profit stood at Rs 205.62 crore during the same period last fiscal. Net sales during the period under review stood at Rs 10,956.95 crore, up 45.57 per cent from Rs 7,527.10 crore in the year-ago period, Maruti Suzuki India (MSI) said in a statement. "The growth in net profit was primarily due to higher sales and good response to new models like Ertiga and Swift DZire," it said, adding the company's continued cost reduction efforts helped to drive profit in the quarter.

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Hit by low sales and labour unrest at its Manesar plant and rupee depreciation, MSI had reported a 63.6 per cent fall in net profit for the quarter ended December 31, 2011, to Rs 205.6 crore, its worst performance in previous 12 quarters. MSI said its sales volume stood at 3,01,453 units during the third quarter this fiscal as compared to 2,39,528 units in the corresponding period of previous year, up 25.85 per cent. Cheering the smart earnings numbers, shares of MSI were trading 4.10 per cent up at Rs 1,599.50 crore apiece during afternoon on the BSE.