Maruti Q2 net skids 60%; Co to build new plant in Gujarat

Moneycontrol Bureau

India's largest passenger car maker Maruti Suzuki, hit by a labour unrest at its plant in Manesar and a slowdown in auto sales, saw its second quarter net profit slump 60% year-on-year to lower-than-expected Rs 240.44 crore. Net sales for the July-September quarter slipped 16% from a year ago to Rs 7,537.45 crore. Analysts on average had expected Maruti to report a net profit of Rs 410 crore on revenue of Rs 7,688 crore, according to a CNBC-TV18 poll. "During the quarter, the domestic auto industry remained sluggish on account of increase in fuel prices and hardening interest rates, leading to higher sales promotion expense. The company