Financial Daily from THE HINDU group of publications
Saturday, Jan 24, 2004
Financial Daily from THE HINDU group of publications Saturday, Jan 24, 2004 |
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Financial Performance Corporate Results - Cars Small cars drive up Maruti net to Rs 141 cr in Q3 Our Bureau
New Delhi , Jan. 23 MARUTI Udyog Ltd today said its net profit in the third quarter of the fiscal nearly tripled on higher sales of its compact cars and one-time gains. Net profit of Maruti in the quarter ended December 31, 2003 stood at Rs 140.75 crore compared to Rs 49.68 crore in the same period a year ago. Vehicle sales increased by 27 per cent to 1,15,551 units over 91,172 units, Maruti said in a statement here. Maruti's shares on the Bombay Stock Exchange (BSE) closed at Rs 418.90, up 13.16 per cent. Basic and diluted earning per share in the period was Rs 4.87, up from Rs 1.72 a year ago. Net sales in the quarter were Rs 2,268 crore (Rs 1,788 crore). Other income in the period rose to Rs 107.52 crore from Rs 76.54 crore in the corresponding quarter last year. Maruti, in which Japan's Suzuki Motor Corporation owns 54 per cent stake, said it spent Rs 85.08 crore on a voluntary retirement scheme (VRS) during the quarter. In the nine-month period, total expense on VRS was Rs 114.50 crore. The company cut its workforce by 27 per cent through the VRS. For the nine-month period, net profit was Rs 385 crore on net sales of Rs 6,458 crore. "The company's performance has been powered by a 30 per cent growth in total unit sales during the first nine months of the fiscal year," Maruti said. During the nine months, Maruti sold 3.28 lakh vehicles over 2.51 lakh vehicles in the corresponding period in the previous year. Exports were 35,040 vehicles, up 65 per cent year on year. Sales of Maruti 800 were up by 28 per cent while the A2 segment, comprising WagonR, Zen and Alto, recorded a 31 per cent growth to claim a market share of 45 per cent in the category, Maruti said. Sales of Maruti's midsize cars, Esteem and Baleno, rose by 11 per cent in the period.
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