New Delhi, Jan. 23: Maruti Suzuki has posted over three-fold rise in net profit at Rs 687.53 crore for the third quarter ended December 31, 2009. For the corresponding quarter in the previous financial year, the countrys largest car maker had notched up a profit of Rs 213.57 crore.
Net sales stood at Rs 7,333.77 crore for the December quarter, up 62.51 per cent from Rs 4,512.64 crore in the same period previous fiscal.
Maruti attributed the higher sales to the lower base in the same period a year ago, a spurt in demand supported by the governments stimulus packages and easier availability of credit. Favourable commodity prices helped to keep costs low during the earlier part of the October-December quarter though prices had started firming up in the last few weeks.
The company will invest Rs 1,700 crore to expand its capacity by 2.5 lakh units annually. The capacity addition will take off from 2012. Maruti produces one million units annually from its existing facilities in Gurgoan and Manesar.
Stiff competition in the small car segment is prompting Maruti to raise its capacity to stay ahead of the race. The car maker sold 2.58 lakh units in the third quarter, up 48.72 per cent, from 1.73 lakh units in the quarter ended December 2008.
Auto part maker Bharat Forge today posted a net profit of Rs 37.99 crore for the third quarter ended December 31. Net profit stood at Rs 4.35 crore in the corresponding period last fiscal. The firm has adopted a new provision for accounting, which is related to the effects of the foreign exchange rate during the quarter. So, the results are not comparable with that of the year-ago period.
Eveready Industries India has recorded a profit after tax of Rs 11.03 crore in the third quarter ended December 31, 2009, an increase of 31 per cent over the same period last year on the back of higher sales. Net sales for the quarter stood at Rs 245.96 crore, an increase of 15 per cent.