Maruti Q2 profit rises 3% to Rs 124 crore

Depreciation charges in the first six months of the year stood at Rs 230.72 crore, of which Rs 149.26 crore is registered in the second quarter. In the first half of last year, Maruti booked depreciation costs of Rs 159.22 crore.

The company said its second quarter sales volume rose 18 per cent year-on-year. Total income (net of excise) has increased to Rs 2,276.66 crore during the quarter.

Maruti said in a statement that it paid out Rs 29.4 crore towards its second voluntary retirement scheme, which closed on October 18.

For the first six months ended September 30, 2003, net profit improved by 467 per cent to Rs 244.2 crore. Total income (net of excise) for the period grew 33 per cent to Rs 4,386.49 crore. Profit before tax went up to Rs 345.8 crore in the first half, a growth of 336 per cent over the same period last year.

During the first six months, Maruti registered a 31 per cent growth in vehicle sales at 2,12,512 units.

However, production was hit during August and September owing to a strike at the production unit of a key supplier, DCM Engineering. The company cut down exports to plug any shortfalls in supply of cars in the domestic market.

Maruti said it registered a growth of 23 per cent in sales of B segment cars including Zen, Alto and WagonR, in the first half. Sales of A segment Maruti 800 grew by 35 per cent in the same period. Total exports improved 98 per cent to 22,424 units.