Maruti Suzuki India 2011- Higher other income boosts Maruti Suzuki Q1 net up 18% YoY
Maruti Suzuki India 2011- Higher other income boosts Maruti Suzuki Q1 net up 18% YoY Maruti Suzuki Q1 Maruti Suzuki India beat street expectations as first quarter net profit rose 18% year-on-year to Rs 549.2 crore as a higher other income offset pressures from sluggish sales and increased input costs. Net sales of India’s largest passenger car maker were up just 3.3% over the three-month period to Rs 8,319.9 crore. Analysts on average had expected Maruti Suzuki to report a net profit of Rs 438 crore on revenue of Rs 8,300 crore. Maruti Suzuki’s shares rose following the announcement in afternoon trade and were trading up about 0.5% at Rs 1,183 on NSE. During the April-June quarter, Maruti Suzuki’s other income surged 79% year-on-year to Rs 180.07 crore, which boosted overall profit. However, higher commodity prices and foreign exchange volatility put pressure on margins, the company said. Its raw material costs during the quarter rose 7% year-on-year to Rs 6,502.35 lak...