India's biggest carmaker Maruti Suzuki India Ltd beat analyst estimates by nearly tripling its quarterly net profit, helped by cost cuts and a positive foreign exchange impact.
The profit jumped mainly because Maruti Suzuki India Ltd's Manesar factory suffered a breakdown in labour relations in July last year, which led to a month-long shutdown, a $250 million production loss besides one death and over 100 injuries.
Net profit in the July-September quarter was Rs. 6.7 billion ($109 million) compared with Rs. 2.27 billion a year earlier. Maruti Suzuki is controlled by Japan's Suzuki Motor Corp.
The result also received a boost from the inclusion of the company's recent merger with engine production unit Suzuki Powertrain India Ltd.
The mean estimate of 12 analysts, according to Thomson Reuters I/B/E/S, was Rs. 5.52 billion.