Maruti set to make higher profits

Monday, 24 January 2005, 08:00 Hrs
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NEW DELHI: Indian automobile major Maruti Udyog Ltd (MUL) is set to far exceed the net profit of 2003-04 this fiscal with the performance in the first nine months surpassing net profits in 2003-04.

While the net profit during Oct-Dec 2004 stood at 2.39 billion, up 70.3 percent over the corresponding quarter in 2003, the 19 percent rise in total unit sales in the first nine months of the current fiscal has resulted in the net profit, rising 54.3 percent to 5.94 billion.

"As such, the net profit in the first nine months of the current fiscal is more than the net profit for the entire fiscal 2003-04," Maruti said in a statement Monday.

The company registered a total income of 84.23 billion (net of excise) during the first nine months (April-Dec 2004) of this fiscal, a growth of 24.5 percent over the same period of the previous year.

Profit before tax went up to 9.15 billion in the first nine months of 2004-05, a growth of 68.7 percent over the same period in 2003-04.

"The increase in prices of steel and other raw materials was partially offset by cost reduction and VA (value analysis) and VE (value engineering) activities within the company," the company statement said.

During the first nine months of the fiscal year, the company sold 389,541 units, an increase of 19 percent compared to the same period in the previous year.

Of this, the company exported 37,958 vehicles, a growth of 8.3 percent during April-Dec 04, compared to the same period of the previous year.

In the A3 (mid-size) segment including Boleno and Esteem, Maruti registered a record growth of over 107 percent against the industry growth of just about 35 percent.

Similarly in the A2 (compact car) segment including Alto and Zen, while the industry has grown by 38.5 percent, Maruti has grown 67 percent during April-December 2004.

Source: IANS
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