MUMBAI, Oct 24 (Reuters) - India's top carmaker Maruti Suzuki on Saturday reported a 93 percent rise in quarterly net profit, boosted by buying in India's August to October festival season and meeting analysts' forecasts.
Maruti, in which Japan's Suzuki Motor Corp holds a 54.2 percent stake, said net profit rose to 5.7 billion rupees ($122.55 million) from 2.96 billion rupees a year earlier.
Net sales in the quarter rose to 70.5 billion rupees from 48.06 billion rupees in the same quarter a year ago.
A Reuters poll of 11 brokerages forecast net profit at 5.5 billion rupees on net sales of 69.53 billion rupees.
In a statement, the company said that the government's stimulus package, buoyant semi-urban markets, low interest rates, low inflation and low oil prices boosted sales.
However, it cautioned that margins could be under pressure going forward due to rising input costs and strengthening of the yen.
Maruti sells around one in every two cars in India with models including the best-selling Alto, A-Star and Ritz hatchbacks and popular sedan Swift D'Zire.
Shares in Maruti valued at $9.3 billion, rose nearly 60 percent in the quarter, compared to an 18.2 percent rise in the main index and 46.2 percent gain for the sector index .
($1=46.51 rupees)
(Reporting by Janaki Krishnan; editing by Patrick Graham)
((ruchira.singh@thomsonreuters.com; +91-22-6636 9210; Reuters Messaging: ruchira.singh.reuters.com@reuters.net))Keywords: MARUTI/RESULTS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Maruti, in which Japan's Suzuki Motor Corp holds a 54.2 percent stake, said net profit rose to 5.7 billion rupees ($122.55 million) from 2.96 billion rupees a year earlier.
Net sales in the quarter rose to 70.5 billion rupees from 48.06 billion rupees in the same quarter a year ago.
A Reuters poll of 11 brokerages forecast net profit at 5.5 billion rupees on net sales of 69.53 billion rupees.
In a statement, the company said that the government's stimulus package, buoyant semi-urban markets, low interest rates, low inflation and low oil prices boosted sales.
However, it cautioned that margins could be under pressure going forward due to rising input costs and strengthening of the yen.
Maruti sells around one in every two cars in India with models including the best-selling Alto, A-Star and Ritz hatchbacks and popular sedan Swift D'Zire.
Shares in Maruti valued at $9.3 billion, rose nearly 60 percent in the quarter, compared to an 18.2 percent rise in the main index and 46.2 percent gain for the sector index .
($1=46.51 rupees)
(Reporting by Janaki Krishnan; editing by Patrick Graham)
((ruchira.singh@thomsonreuters.com; +91-22-6636 9210; Reuters Messaging: ruchira.singh.reuters.com@reuters.net))Keywords: MARUTI/RESULTS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
