Maruti Suzuki reports a two-fold in its net income for Q3
Maruti Suzuki India Limited (MSIL), the country’s largest passenger car maker, has reported a two-fold increase in its third quarter income, amounting to Rs. 5.01 billion. Reportedly, these figures outpaced the expectations of industry experts, who were already anticipating a decent growth in the auto maker’s revenues.
Mainly, the demand for Ertiga Multi Purpose Vehicle (MPV) and Swift DZire sedan played a significant share in MSIL’s total sales. Owing to this, the auto company’s stock price surged to its highest from the last three years in Mumbai trading. Also, Maruti Suzuki marked the biggest gain on the BSE India Sensitive Index with overwhelming profits.
Reportedly, the company is also looking ahead to spend around Rs. 17 billion on the establishment of a new diesel engine plant, which is expected to kick off the operations by the end of 2014. According to sources, the new facility will have the capacity to roll out 3,00,000 powertrains every year.
During December 2012, the sales of MSIL increased by 5.9 per cent, owing to a brilliant demand for Ertiga, which sparkled at the Indian roads on April 14, 2012. On the other hand, in January, the Society of Indian Automobile Manufacturers (SIAM) brought down its sales forecast for the domestic cars for the entire calendar year to quite low, which somehow is believed as no growth by auto analysts. It was reported to be a third cut by SIAM in just 6 months, owing to the fall of 13 per cent in December 2012 sales, which amounted to 1,41,083 units.
However, the sales of Maruti Suzuki in the country are anticipated to mark a surge of around 6 per cent in the ongoing fiscal year. It must be noted that the auto maker has reported a fall of 11 per cent during the last 12 months. Owing to this, Maruti Suzuki has adopted a positive outlook for the current financial year, which will surely help it to further consolidate its position in the Indian auto market.
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