Maruti Udyog Q3 net up 11% at Rs 376cr

Maruti Udyog has posted a 11% increase in net profit at Rs 376.41 crore for the third quarter ended December 31, 2006 when compared with Rs 339.01 crore in Q3FY06.

According to a release issued to the BSE today, total income moved up to Rs 3,807.90 crore from Rs 3,218.62 crore in the quarter ended December 31, 2005.

"The scheme of merger of the company's wholly-owned subsidiary, Maruti Suzuki Automobiles India (MSAIL) with the company from the appointed date April 1, 2006 was approved by the Delhi High Court during the quarter, and became effective November 13, 2006, (the date of registration of the approved scheme with the Ministry of Company Affairs).

"Pursuant to the merger, the profit before tax for the current quarter has been arrived at after deducting the loss of the erstwhile MSAIL for the period from April 1, 2006 to December 31, 2006 amounting to Rs 54.61 crore of which Rs 21.32 crore relates to the period April 1, 2006 to September 30, 2006 (corresponding period last year: Nil). Therefore, the results for the quarter are not comparable with those for the corresponding period of the previous year," the release added.