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
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)