Mumbai: Maruti Udyog Ltd., on Friday posted a 42 per cent rise in quarterly profit as cost savings and strong sales of its higher-priced vehicles outweighed higher raw materials prices.
Maruti?which is 54.2 per cent-owned by Japan's Suzuki Motor Corp.?said net profit rose to Rs 262 crores in the fiscal second quarter to September 30, from Rs 184 crores a year earlier.
That beat a median forecast for Rs 243 crores from 13 brokerages polled by Reuters.
Overall vehicle sales at Maruti, which controls more than half of India's passenger vehicle market, rose 8 per cent in July-September from a year ago to 140,540 units. Its Swift compact hatchback, launched in May, has seen strong demand.
The Indian government, which owns 18.28 per cent of Maruti, said in September it would go ahead with a planned 8 per cent stake sale to raise Rs 900 crores.
Shares in Maruti, valued at Rs 15,750 crores, rose 20 per cent in July-September, in line with the benchmark index.
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