Published: 29th January 2014 06:00 AM
Last Updated: 29th January 2014 01:48 AM
Beating the depressed market conditions, country's largest car-maker Maruti Suzuki India posted a 35.87 per cent increase in net profit to `681.15 crore for the third quarter ended December 31, 2013.
"Higher localisation, favourable foreign exchange and cost reduction initiatives by the company contributed significantly to net profit," a statement issued by the company said.
The company had posted a profit of `501.29 crore in the corresponding period of the previous financial year.
Net sales declined 3.07 per cent to `10,619.68 crore from `10,956.95 crore a year earlier, the company said.
The volume of sales dropped 4.41 per cent to 2,88,151 vehicles during the third quarter from 3,01,453 units.
The company's board, which met here on Tuesday, decided that the investment in the Gujarat facility will be made by a 100 per cent Suzuki subsidiary and not Maruti Suzuki.
"The company will be named Suzuki Motor Gujarat Pvt Ltd with a starting capital of `100 crore," Suzuki Motor Corporation Chairman Osamu Suzuki said. The company will not be listed and will be set up by April.
Maruti Suzuki shares fell 2.78 per cent to `1,654 on the BSE.
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