Maruti Suzuki India Ltd’s fiscal third quarter net profit rose by over 47% on-year to Rs 1,744.5 crore, helped by higher sales of premium vehicles, cost cutting and non-operating income. The rise was broadly in line with street expectations. A Reuters poll had projected the automaker’s Oct-Dec net to be at Rs 1,747 crore.
The company’s total income from operations rose by over 13% on-year to Rs 19,173 crore in Oct-Dec, it said.
Higher premium segment sales, lower marketing costs, cut in costs and non-operating income lifted profit after tax.
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EARNINGS ALERT: Maruti Suzuki Q3 topline beats street estimates. Here’s a quick review. pic.twitter.com/AT8maYGrBS
— CNBC-TV18 News (@CNBCTV18News) January 25, 2017
Maruti Suzuki said its EBITDA for the quarter was at Rs 2,489 crore, while the EBITDA margin was at 14.8%, both the metrics falling short of CNBC TV18’s and ET Now’s separate consensus analyst estimates.
Its domestic sales volume grew 3.9%, while exports fell 1.4%.
Maruti Suzuki has seen good growth momentum in its premium segment cars including Baleno, Vitara Brezza and Ciaz in the recent past.