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Maruti Q4 net beats forecasts

Automaker Maruti Udyog Ltd posted a better than expected 39 percent rise in quarterly net profit as the nation's middle-classes bought more cars, sending its shares up almost 7 percent to a near record.

DNA Web Team

Updated : Sep 14, 2017, 03:26 PM IST

Rina Chandran

MUMBAI: Automaker Maruti Udyog Ltd posted a better than expected 39 percent rise in quarterly net profit as the nation's middle-classes bought more cars, sending its shares up almost 7 percent to a near record.

Cheap loans and launches have helped automakers post robust sales as Asia's third biggest economy has grown at about 8 percent in three years, but a cyclical downturn, high input costs, tough pollution rules and a new value-added tax are dragging on sales even though only 8 in 1,000 own a car in India.

Maruti chief Jagdish Khattar said firmer raw materials prices, which rose 15 percent on the year, were likely to impact component prices this year to March 2007.

New Delhi-based Maruti will launch a model aimed at the European export market in 2008-09, and hopes to shift 100,000 of the new cars a year.

A new car plant in Manesar in the northern Haryana state will begin production by the year-end with initial annual capacity of 100,000 cars, rising to 250,000 by 2008-09.

Rival automakers are also stepping up the pace.

South Korea's Hyundai Motor Co is building a second plant in southern India and will have total annual capacity of 600,000 cars by 2007, while Tata Motors Ltd is sharing dealer networks with Fiat and exploring other areas of cooperation with the Italian firm.

A February tax cut on small cars -- which make up more than three-quarters of India's market -- to 16 percent from 24 percent -- should boost sales at Maruti, as well as Hyundai and Tata Motors.

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