Suzuki net vaults 7-fold on Maruti sales

Suzuki Motor Corporation today reported an April-June 2010-11 net profit of 15.16 billion (Rs814 crore) - an over seven-fold jump from the 2.14 billion (Rs115 crore) reported in the corresponding quarter of the previous financial year.

The Japanese auto giant's performance has mainly been boosted by its subsidiary Maruti Suzuki's performance in India, the company said in a statement.

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

Net sales during the fiscal first quarter increased 13.71 per cent to 656.28 billion (Rs35,240 crore) from 577.14 billion (Rs30,995 crore) in the year-ago quarter.

Maruti Suzuki, however, reported an over 20 per cent dent in its fiscal first quarter profit at Rs465.36 crore despite a 26.78 per cent jump in its total income at Rs8,231.53 crore from Rs6,493 crore in the corresponding quarter of the previous fiscal.

It was also the first time over the last five quarters that the India's top carmaker reported a decline in its net profit.

Maruti Suzuki has been logging monthly sales exceeding 100,000 vehicles over the past two months.