Maruti Suzuki Q1 2011- Maruti Suzuki Q1 net profit up 18 pct, beats forecasts

Maruti Suzuki Q1 net profit up 18 pct, beats forecasts

Maruti Suzuki Q1 2011- Maruti Suzuki Q1 net profit up 18 pct, beats forecasts

Maruti Suzuki, India's top car maker, on Tuesday posted an 18 percent rise in quarterly net profit, beating forecasts, helped by higher other income.

Maruti, 54.2 percent owned by Japan'sSuzuki Motor Corp, reported net profit of 5.49 billion rupees ($124 million) for its fiscal first quarter ended June 30, up from 4.65 billion a year earlier.

Market had forecasted a net profit at 4.33 billion rupees for Maruti, which sells roughly half the cars on Indian roads but is facing intensifying competition from the likes of South Korea'sHyundai Motors, the second-largest car maker in India, as well as domestic rivals.