Despite a slowdown in the automobile industry due to a hike in interest rates and fuel prices, India’s largest car manufacturer Maruti Suzuki India Limited (MSIL) on Tuesday reported a 18 per cent rise in net profit for the June quarter at Rs 549.2 crore.
The company had posted a net profit of Rs 465.4 crore during the corresponding period last year. The higher profit levels came on the back of an increase of 80 per cent from other incomes which stood at Rs 180.1 crore during the period.
Total income from operations during the quarter increased by 2.7 per cent at Rs 8,529.3 crore, against Rs 8,309.2 crore in the year-ago period.
Ajay Seth, chief financial officer, MSIL said: “External environment was challenging from both volumes and margins perspective. Petrol prices were unprecedented and interest rate hikes hurt customer confidence.”
