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  1. Maruti Suzuki Q1 profit up 4.4 pct, misses estimates

Maruti Suzuki Q1 profit up 4.4 pct, misses estimates

Maruti Suzuki India Ltd, the country's top-selling car maker, posted a 4.4 percent rise in quarterly profit on Thursday but missed estimates as a rise in commodity prices and the impact of a new nationwide sales tax ate into earnings.

By: | Updated: July 27, 2017 2:41 PM
Maruti Suzuki, car maker, India, misses estimates, new nationwide, Suzuki Motor Corp, sales tax, nationwide sales, nationwide sales tax, Suzuki Motor Corp, Maruti Suzuki Q1 profit Analysts on average had expected a profit of 17.01 billion rupees, according to Thomson Reuters data. (Reuters)

Maruti Suzuki India Ltd, the country’s top-selling car maker, posted a 4.4 percent rise in quarterly profit on Thursday but missed estimates as a rise in commodity prices and the impact of a new nationwide sales tax ate into earnings. The company, majority-owned by Japan’s Suzuki Motor Corp, said it posted a profit of 15.56 billion rupees ($242.66 million) for the first quarter ended June 30, compared with 14.91 billion rupees a year earlier.

Analysts on average had expected a profit of 17.01 billion rupees, according to Thomson Reuters data. Total income of Maruti rose 17 percent to 204.60 billion rupees. The company sold a total of 394,571 vehicles during the quarter, up 13.2 percent from the year-ago period.

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