Car industry market leader Maruti Udyog Ltd on Thursday reported a healthy 35% jump in net profit in the first quarter of this fiscal at Rs 499.6 crore, against Rs 369.5 crore in the same period last year. The company?s board also cleared a proposal to rechristen the company by adding parent Suzuki?s name.
Maruti beat Street expectations and reported healthy numbers, its profitability boosted by higher sales of models like the Swift hatchback and the newly-launched SX4 sedan.
The company, 54.2% owned by Japan?s Suzuki, said total income in the April-June FY08 period increased 27% to Rs 4,154 crore from Rs 3,268.7 crore in the same period last fiscal. The company?s sales in the domestic market over the quarter stood at 1,60,604 units, a growth of 17.1% over the corresponding period last year.
With Suzuki?s majority stake in the company and the government?s exit, the company?s board of directors also decided to change its name to Maruti Suzuki India Ltd from Maruti Udyog Ltd. ?Suzuki in the corporate name imparts an international dimension. Besides being the parent company, Suzuki Motor Corporation is a leading player in the global automobile market,? the company said in a statement.