Maruti Q3 profit rises 5 per cent

PUNE: Maruti Suzuki, India's biggest carmaker, on Tuesday reported a 5 per cent jump in net profit for the third quarter of October-December at Rs 1,565 crore from Rs 1,489.3 crore in the same period last year.

“The profit growth was on account of cost cuts, lower operating expenses, fall in commodity prices and reduction in corporate tax rate, partially offset by a rise in sales promotion expenses, higher depreciation, and lower fair value gains on invested surplus,” Maruti said in a BSE filing.

Revenue from operations grew by 5.3 per cent year-on-year to Rs 20,707 crore in the quarter, with total vehicles sales growth at 2 per cent to 437,361 vehicles. Sales in the domestic market stood at 413,698 units, up 2 per cent. Exports were at 23,663 units.

Realisations declined 5.7 per cent sequentially to Rs 4.7 lakh per unit during the December quarter.

On the operating front, earnings before interest, tax, depreciation and amortisation (Ebitda) increased 8.9 per cent to Rs 2,102 crore and margin maintained at 10 per cent level, rising 30 basis point YoY to 10.1 per cent.

Overall, numbers missed analyst expectations.

As per an analyst poll, profit was estimated at Rs 1,676 crore on revenue of Rs 21,847 crore and Ebitda was seen at Rs 2,355 crore with margin at 10.7 percent.