 "Maruti Suzuki hits new high as Q2 profit beats estimates")
Maruti Suzuki India has gained 2% to Rs 3,262, also its record high on NSE, after reporting better-than-expected 28.8% year on year jump in net profit at Rs 863 crore for the second quarter ended September 2014 (Q2), on back of strong operational performance. The company had profit of Rs 670 crore in previous year quarter.
Operational income during the quarter under review grew 17.5% to Rs 11,996 crore against Rs 10,212 crore in the corresponding quarter of previous fiscal.
The company sold a total 321,898 vehicles in Q2, a growth of 16.8% over the previous year quarter.
“Growth in domestic sales and cost reduction initiatives by the company contributed significantly to bottom-line growth during the quarter,” Maruti Suzuki said in a press release.
Analyst on an average had expected profit of Rs 809 crore on net sales of Rs 12,157 crore for the quarter.
Meanwhile, the board decided to increase in the foreign institutional investors (FII) limit to 40% subject to shareholder’s approval.
As on September 2014, FIIs held 21.74% stake in Maruti Suzuki India, shareholding pattern data shows.
The stock bounced back nearly 3% from intra-day low of Rs 3,171 touched before the announcements of results. A combined 759,944 shares changed hands on the counter till 1344 hours on NSE and BSE.
Operational income during the quarter under review grew 17.5% to Rs 11,996 crore against Rs 10,212 crore in the corresponding quarter of previous fiscal.
The company sold a total 321,898 vehicles in Q2, a growth of 16.8% over the previous year quarter.
“Growth in domestic sales and cost reduction initiatives by the company contributed significantly to bottom-line growth during the quarter,” Maruti Suzuki said in a press release.
Analyst on an average had expected profit of Rs 809 crore on net sales of Rs 12,157 crore for the quarter.
Meanwhile, the board decided to increase in the foreign institutional investors (FII) limit to 40% subject to shareholder’s approval.
As on September 2014, FIIs held 21.74% stake in Maruti Suzuki India, shareholding pattern data shows.
The stock bounced back nearly 3% from intra-day low of Rs 3,171 touched before the announcements of results. A combined 759,944 shares changed hands on the counter till 1344 hours on NSE and BSE.