Maruti Suzuki registers net profit of Rs 24843 million in Q2

Maruti To Launch An SUV Over Brezza In India

Maruti Suzuki shares rise nearly 2% as Q2 results beat market expectations

Maruti Suzuki, one of the country's leading carmakers, posted a net profit after tax of Rs 2,484.3 crore in the July-September quarter of FY18, up by 3.45 percent from Rs 2,401.5 crore posted in the same period previous year, on the back of a better product mix, strong volumes and better cost management.

The country is working on a new auto policy that promotes the use of electric cars, and a draft is likely to be made public before the end of the year. "Overall, the year looks good ahead", Bhargava said at a press conference.

Bhargava also talked about the future of the company and said that they are looking forward to launching electric cars in the country. The government has set a target of electric mobility by 2030. The government has put the industry on notice to shift from manufacturing vehicles that run on petrol and diesel to environment-friendly alternatives to reduce pollution in cities and cut dependence on crude oil imports. Net sales rose 21.8 per cent year-on-year to Rs 21,438.1 crore for the quarter, while operating profits grew 24 per cent.

Maruti Suzuki's revenues from its vehicle sales grew to Rs 21,438.1 crore in Q2 FY18 from Rs 20,048.6 crore in the same quarter previous year.

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The company's earnings beat estimates. In addition to profitability, lower other income (down 36 per cent y-o-y) as well as higher tax rates led to net profit rising just three per cent y-o-y to Rs 2,484 crore.

Meanwhile, adverse commodity prices and higher promotional expenses had impacted margins, it added. "Benefits of operating leverage on back of robust volume growth, lower-than-anticipated discounting and favourable forex movement led to better-than-expected margins", said Bharat Gianani, research analyst at Sharekhan.

Maruti is not sure it can maintain the sales growth trajectory, largely because of production constraints at its parent's manufacturing unit in Gujarat. "Our outlook for the year remains positive". We will grow in double digits. "I don't think it will", Bhargava said.

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