New Delhi: Maruti Udyog, a leader in the Indian car market, has announced its unaudited results for the first quarter (April-June 2004) of fiscal year 2004-05. The company recorded net profits of Rs1,709.2 million during April-June 2004, a growth of 42.1 per cent over the same period last year. Profit before tax was Rs2,672 million for the quarter, a growth of 55.1 per cent over the corresponding period last year.
Maruti's total income (net of excise) was Rs26,164.6 million, a growth of 24.1 per cent. The company sold 1,23,624 vehicles, rising about 19 per cent over the same period last year. This included exports of 12,240 units. While the domestic passenger car industry grew by 19.4 per cent in April-June 2004, Maruti's passenger car sales in the domestic market grew by 21.1 per cent. Maruti's market share in the domestic passenger car market increased from 55 per cent in April-June 2003 to 55.8 per cent in April-June 2004.
The quarter was marked by higher raw material prices compared to the same period last year, and the price repositioning of the Alto model. The company attributed its performance during April-June 2004 to higher sales volumes and the benefits accruing from its on-going programme to enhance productivity and reduce costs across the value chain.