Oct 28 India's biggest carmaker Maruti Suzuki India Ltd beat analyst estimates by nearly tripling its quarterly net profit, helped by cost cuts and a positive foreign exchange impact.
The profit jumped mainly because Maruti Suzuki India Ltd's Manesar factory suffered a breakdown in labour relations in July last year, which led to a month-long shutdown, a $250 million production loss besides one death and over 100 injuries.
Net profit in the July-September quarter was 6.7 billion rupees ($109 million) compared with 2.27 billion rupees a year earlier. Maruti Suzuki is controlled by Japan's Suzuki Motor Corp.
The result also received a boost from the inclusion of the company's recent merger with engine production unit Suzuki Powertrain India Ltd.
The mean estimate of 12 analysts, according to Thomson Reuters I/B/E/S, was 5.52 billion rupees. ($1 = 61.5950 Indian rupees) (Reporting by Aradhana Aravindan in MUMBAI; Editing by Christopher Cushing and Prateek Chatterjee)