Maruti Suzuki India Ltd. has reported a strong 170% growth in its net profits in the quater ending March 2010 compared to the Quater ending December 2009. This growth is a clear indicator of growing sales number, which is highest ever sales number by Maruti in one quater which is approximately 2.9 Lakh cars sold in one quater from January 2010 to March 2010. This is a huge number and helped Maruti to set a record sale of 10 Lakh car unit in one single year.
As per Mr. Seth, CFO of MSIL, high profit growth in this quater is because of the low base of last year. There was a downside on the profit because of increased raw material cost, engine upgraded for BS4 and design and development costs of new models like new Maruti Wagon R. Also because of dip in dollar price and export relationship.
Maruti CEO, S Nakanishi said that the expected growth of Indian Automobile industry will be comparatively low in percentage terms in the year 2010-11.