Maruti Q3 profit falls 54.3%, lags forecast

>> Thursday, January 29, 2009

Maruti Suzuki India Ltd, the country's largest car maker, said quarterly profit fell 54.3 per cent, lagging forecasts due high raw material costs, lower volumes and adverse impact of currency changes.

New Delhi-based Maruti said on Thursday its net profit fell to Rs 2.14 billion ($43.8 million) in its fiscal third quarter ended December.

Net sales fell 2.8 per cent to Rs 46.26 billion, it said.

That compared with a net profit forecast of Rs 2.48 billion on net sales of Rs 43.22 billion in a Reuters poll.

Maruti, 54.2 per cent owned by Japan's Suzuki Motor Corp, holds almost half the Indian car market with models such as the best-selling Alto and Swift hatchbacks.

Shares in Maruti, valued at $3.2 billion, fell 24.3 per cent in the December quarter in line with the main index - ET