New Delhi, May 20: The country’s largest auto maker, Maruti Udyog Ltd’s parent Suzuki Motor Corp has reported its highest ever operating profit due to higher sales volumes reported by its Asian units, including India.
Suzuki, where General Motors holds 20 per cent stake, said profits rose to $ 634 million for the year ended March 31, 2003. This represents a 27 per cent increase over the previous financial year, boosted by the full consolidation of unit Maruti Udyog Ltd. But executives said that even without this factor operating profit rose 22 per cent.
“We had growth in Pakistan and in Thailand, sales of both cars and motorbikes grew,” executive general manager Katsuyoshi Suzuki said in Tokyo. “We also saw growth in Indonesia and in China.
Maruti, which sells 11 models in India, including cars, multi-purpose and utility vehicles, had a 50.8 per cent slice of the domestic car market in 2002-03 (April-March) thanks to its dominance in the small car segment.
Vehicle sales rocketed 45.8 per cent in April year-on year as a tax cut two months earlier continued to drive demand, data showed.