Maruti Suzuki Profit Rises on Higher Sales -- Update

By Kosaku Narioka

Maruti Suzuki India reported a rise in second-quarter net profit, driven by stronger sales, especially for exports.

The Indian unit of Japanese carmaker Suzuki Motor said Friday that net profit climbed 7.9% from a year earlier to 33.49 billion rupees, equivalent to $377.9 million, for the three months ended September.

Its net profit margin deteriorated slightly, weighed by higher commodity prices and promotion expenses.

Revenue increased 13% to 423.44 billion rupees. Sales volume rose 1.7% to 550,874 units, driven by growth in exports, which surged 42% to 110,487 units.

The stock has gained about 50% this year, driven by hopes for strong electric-vehicle sales and increasing exports. Maruti Suzuki began shipping its first battery EV, E Vitara, to Europe in August. Sales of the E Vitara in Japan are expected to begin in January.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

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