Maruti Suzuki India Q2 profit zooms 29% to Rs 862.54 crore

Maruti Suzuki India Q2 profit zooms 29% to Rs 862.54 crore
It had posted net profit of Rs 670.23 crore in the same period last fiscal, MSI said in a statement. Net sales during Q2, 2014-15, stood at Rs 11,996.33 crore, up 17.47 per cent as against Rs 10,211.83 crore in the same quarter of last fiscal.

MSI sold 3,21,898 units of vehicles during July-September, a growth of 16.80 per cent, compared with 2,75,586 units in the corresponding year-ago period.

Sales in the domestic market stood at 2,87,687 units, up 19.09 per cent while exports were at 34,211 units, up marginally by 0.54 per cent.

‘Growth in domestic sales and cost reduction initiatives by the company contributed significantly to bottomline growth during the quarter,’ Maruti said.

Meanwhile, the Board of Directors of the company has recommended an increase in the FII limit to 40 per cent, from 24 per cent currently.

Maruti's net profit during half year period ended 30 September, 2014 stood at Rs 1624.82 crore, up 24.8 per cent, as against Rs 1,301.84 crore in the same period last year.

During half year period ended 30 September, 2014, the company sold a total of 6,21,792 vehicles, an increase of 14.7 per cent and its net sales stood at Rs 23,069.84 crore, up 14.2 per cent over the same period last year.

The company will launch its new Alto K10 next week, while it is gearing up to launch its sports utility vehicle in the first quarter of next fiscal. It is also preparing to launch light commercial vehicle sometime next year.

For this year, the company has earmarked a capex of Rs 4,000 crore and MSI CFO Ajay Seth said for the next fiscal also the figure could be the same.

The MSI scrip closed the day at Rs 3,242.1 per share, up 1.14 per cent from the previous close on the BSE.


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