Banking on Maruti, Suzuki net up 7-fold | autos | Hindustan Times
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Banking on Maruti, Suzuki net up 7-fold

autos Updated: Aug 03, 2010 20:49 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Japanese car major Suzuki Motor Corp on Tuesday reported an over-seven fold jump in net income to 15.2 billion yen (about Rs 814 crore) for the quarter ended June 30 as compared to 2.1 billion yen (Rs 115 crore) last year, mainly driven by subsidiary Maruti Suzuki's performance in India.

Net sales during April-June period increased by 13.7 per cent to 656.3 billion yen (about Rs 35,240 crore) from 577.1 billion yen (about Rs 30,995 crore) in the year-ago period, it added.

"Overseas sales exceeded that of the same period of the previous fiscal year because of sales increase in India by release of the new ‘WagonR' in addition to favourable sales of the ‘Swift'," the company said.

Suzuki's robust financial performance comes at a time when Maruti itself is on a sticky wicket in India with its market share falling below 50 per cent during the first six months this year.

Maruti had also experienced a 20.3 per cent fall in net profit at Rs 465.4 crore for the quarter ended June 30, its first decline in five quarters.

"We're facing a tougher race in India, and that situation is going to continue," senior Managing Officer Toshihiro Suzuki, son of Chairman Osamu Suzuki, said in Japan.

Maruti is launching a refreshed version of its best selling small car Alto on Wednesday, through which it hopes to regain its marketshare.