Science

Modest 4.4% rise in profit for Maruti

Modest 4.4% rise in profit for Maruti

Maruti Suzuki India, the country's largest passenger carmaker, on Thursday said net profit for the quarter ended June increased 4.4% year-on-year to 15.56 billion rupees ($242.7 million), as factors like a one-time compensation paid to dealers during the switch to a new nationwide sales tax weighed on earnings. The company has attributed this growth to higher deferred tax provision.

The company had reported a net profit of Rs 1,490.9 crore for the same period of the previous fiscal. Operating profit growth was estimated at 13 percent and margin contraction of 100 basis points, according to a CNBC-TV18 poll.

Mark Philippoussis' father to fight abuse charges
Philippoussis's son Mark Philippoussis was in court for the hearing but declined to comment, the newspaper reported. Tagnelia told reporters Philippoussis' family were in shock following the arrest but were supporting him.

"While the result is below the consensus estimates, this kind of result was already anticipated due to the rise in the raw material costs as well as discounts offered due to the GST". That was despite wholesale despatches remaining subdued in June before the roll out of the goods and services tax (GST). "It has not only increased market share (900 basis points in five years) but is also expanding its dominance across other key areas-product launch cycle (2-3 launches every year), distribution reach (trebling on a high base), margin and free cash flow cycle", a recent report by Edelweiss Securities said. "The commodity prices, especially rubber have gone up substantially from the corresponding period and also slightly sequentially. The demand is expected to be strong going ahead and with the premium vehicles in demand, we continue to maintain a positive outlook on the stock".

Maruti Suzuki, which has a market share of a little over 49% is not only leading in the auto market but also in the utility vehicle and van segments.


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