Maruti Suzuki, country's biggest carmaker, reported a bigger-than-expected 63.6% fall in quarterly net profit as high interest rates and rising fuel costs hit demand for cars in Asia's third-largest economy.
The company's net profit fell to Rs 205.6 crore for the quarter from Rs 565.17 crore for the corresponding period last financial year, Maruti Suzuki India (MSI) said in a statement.
Net sales declined by 17.4% to Rs 7,663.6 crore during the quarter under review from Rs 9,276.73 crore in the year-ago period, it added.
Maruti, 54.2% owned by Japan's Suzuki Motor Corp, saw sales plunge 28% in the December quarter, because of a slowdown in small-car sales -- its key product -- while recovering from labour unrest last summer.
The company said that it lost production of 40,000 units in the quarter under review due to the workers' strike at the Manesar plant.
Reacting to the numbers, MSI shares fell 1.24% to Rs 1,085.50 per scrip on the BSE.
