Auto component maker Jai Bharat Maruti today reported an over two-fold jump in net profit at Rs 7.85 crore for the quarter ending March 31, 2010, due to robust car sales, mainly by Maruti Suzuki, in the country.
The company had posted a net profit of Rs 3.05 crore in the year-ago three-monthly period, it said.
Net sales during the last quarter of 2009-10 also increased by 30.83 per cent to 236.35 crore compared to Rs 180.66 crore in the same period previous fiscal.
For the entire 2009-10 financial year, net profit soared by over two-fold to Rs 21.02 crore from Rs 10.36 crore in the corresponding period of 2008-09.
Net sales in last fiscal stood at Rs 803.21 crore, up 16.12 per cent from Rs 691.73 crore in the previous fiscal.
The National Capital-based company also declared a dividend of 30 per cent on fully paid up equity share of Rs 5 each for 2009-10.
"In the last financial year, Maruti Suzuki's sales rose by over 25 per cent and new models, like Ritz and Eeco, helped our sales to grow very robustly," JBM Group Executive Director Nishant Arya told PTI.
Besides, the company also undertook various cost optimisation methods, which reduced the manufacturing cost of the firm, he added.
For 2009-10 fiscal, Maruti Suzuki reported a rise of 28.55 per cent in its annual sales at 10,18,365 units as against 7,92,167 units during the previous fiscal.
"We are expecting a good year ahead and we are targeting Rs 1,000 crore revenue for 2010-11," Arya said.
The company will also expand its production capacity this fiscal from the existing 70,000 components per day, he said without giving any detail.
Jai Bharat Maruti currently produces axels, exhaust systems, sheet metal components and fuel-neck filler in its three manufacturing facilities at Gurgaon and Manesar.