InfoAnda - Indian car firm Maruti sees profits surge 170%

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Indian car firm Maruti sees profits surge 170% AFP - Tuesday, April 27 Send IM Story Print Indian car firm Maruti sees profits surge 170% NEW DELHI (AFP) - – Maruti Suzuki, India's biggest car firm, reported a 170 percent jump in quarterly net profit Monday, as the vehicle market roared ahead, helped by cheap loans and government stimulus steps. Maruti Suzuki, 54.2 percent owned by Japan's Suzuki, reported net profit for the final three months of the fiscal year to March 31 climbed to 6.56 billion rupees (148 million dollars) from 2.43 billion in the same period a year ago. Government stimulus packages to boost domestic consumption and shield the economy from the global financial downturn, along with cheap financing and new model launches, helped drive demand among increasingly well-off consumers. But the profit growth still fell short of market forecasts of 7.2 billion rupees as costlier steel and other raw materials ate into earnings from higher vehicle sales. Maruti, which sells one in two cars in the country, said its performance had been hit by such factors "as higher raw material prices and an adverse foreign exchange movement". The rupee is riding at around a 20-month high. Company shares closed down nearly two percent or 26.8 rupees to 1,335 rupees after the results were announced. Maruti's revenues climbed 30 percent during the quarter from a year earlier to hit 85.04 billion rupees. Analysts said Maruti faced a rougher road ahead. "Competition has increased for Maruti, and also there is the pressure on margins from higher raw material costs," Vaishali Jajoo, automobile analyst at Angel Broking, told AFP. Maruti's parent, Suzuki, is anxious to fend off global rivals such as Volkswagen, Ford and General Motors, which are aggressively seeking to boost sales in India. Last year, Maruti's sales outstripped Suzuki's performance in Japan and the company is credited with revolutionising transport in India by making affordable cars for a burgeoning middle class. Maruti is expanding capacity to meet rising demand with economic growth forecast by the government for the financial year to March 2011 at up to 8.75 percent. Suzuki Motor has announced plans to invest 50 billion yen (555 million dollars) in India to boost capacity and research and development. India is Asia's third-largest car market, outpaced only by China and Japan, and is one of the few countries where automobile sales are rapidly increasing. Indian car sales in the last financial year gained the most in six years but analysts expect the pace of growth to slow this year due to the unwinding of stimulus measures and rising interest rates. Last week, India's central bank raised its benchmark interest rates for the second time in a month in a bid to douse inflation that is at a 17-month high. Recommend Send IM Story Print Related Articles Europe trade deal could hit Indian generic drugs AP - 21 minutes ago US-BUSINESS Summary Reuters - 27 minutes ago Derivatives differences trigger alarm bells Reuters - 28 minutes ago Financial reform nears test in Senate Reuters - 30 minutes ago Pace of Turkish stimulus exit spooks markets Reuters - 43 minutes ago News Search Top Stories Wall Street overhaul faces key US Senate test Greece pledges fresh cuts after EU-IMF talks Genes influence smoking addiction: study Airbus workers 'to disrupt production in France' Indian cricket league chief suspended hours after finals More Top Stories » Most Popular Most Viewed Most Recommended Aliens may exist but contact would hurt: Hawking Ex-Bin Laden bodyguard writes against Qaeda BP struggles to cap leak as US oil slick spreads French driving veil row escalates Greece warns speculators as it races for bailout More Most Viewed » Aliens may exist but contact would hurt: Hawking Apple engineer loses iPhone prototype Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation French driving veil row escalates More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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