The country's largest carmaker, Maruti Suzuki, India today reported a nearly three-fold jump in net profit at Rs 656.55 crore for the quarter ending March 31, 2010.
The company had posted a net profit of Rs 243.13 crore in the corresponding quarter of 2008-09 fiscal, Maruti Suzuki India (MSI) said in a statement to the Bombay Stock Exchange.
The total income during the fourth quarter of the last fiscal increased by 30.06 per cent to 8,503.52 crore from Rs 6,538.34 crore in the same period previous fiscal, it added.
For the entire 2009-10 financial year, MSI's consolidated net profit soared by over two-fold at Rs 2,624.64 crore, as against Rs 1,227.45 crore in FY'09.
The company's board also recommended a final dividend of Rs 6 per share (nominal value of Rs 5 per share) for 2009-10, that aggregated to Rs 173.35 crore.
Car sales in India have been robust so far in calendar year 2010 with a revival in the economy bumping up demand, while availability of credit has brought back customer confidence.
During the quarter, MSI sold 2,87,422 units against 2,36,638 units in the year-ago period, the statement said.
MSI's domestic sales in 2009-10 stood at 8,70,790 units, while exports contributed 1,47,575 units.
"Countries contributing to exports included the United Kingdom, France, Germany, Italy and Netherlands in Europe, and Algeria, Chile, Indonesia and Australia in non Europe," the company said.
MSI, which more than doubled its exports in the last fiscal from about 70,000 units in FY'09, said it had added some new export markets such as South Africa, Hong Kong and Norway during 2009-10.
But a rise in raw material prices which could push up car prices, a rise in interest rates and hike in fuel prices, which could raise the cost of ownership threaten to spoil the party.