Maruti Suzuki Q2 net nearly doubles to Rs570 crore

Maruti Suzuki India Ltd, the country's largest car maker, today reported Rs570 crore net profit for the second quarter of the financial year 2009-10 - a nearly two-fold jump from the Rs296.12 crore net profit reported in the same quarter of the previous fiscal.

Net sales (net of excise) rose to Rs7,049.6 crore during the July-September quarter of 2009-10, Maruti Suzuki India (MSI) said in a statement.

Net profit for the first half of 2009-10 stood at Rs1153.5 crore while net sale for the period rose to Rs13,389.8 crore.

Maruti Suzuki said domestic sales have been helped by the stimulus package of the government, a buoyant semi-urban markets, low interest rates, improved financing by government banks, low inflation and low oil prices.

Exports contributed to the strong growth, riding on stimulus packages by European governments, the release said.

Maruti Suzuki said it remained cautiously optimistic in near future of volume growth even as margins may come under pressure due to hardening of commodity prices and strengthening of the yen.