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Maruti Posts Lower-Than-Estimated Profit on Materials BusinessWeek

26.04.10

(Closes share price in seventh paragraph.)

By Vipin V. Nair

April 26 (Bloomberg) -- Maruti Suzuki India Ltd., the maker of half the cars sold in the country, posted fourth-quarter net income that missed analyst estimates as increased raw-material costs eroded gains from selling more vehicles.

Net income in the three months ended March 31 more than doubled to 6.57 billion rupees ($148 million), or 22.73 rupees a share, from 2.43 billion rupees, or 8.42 rupees, a year earlier, the Suzuki Motor Corp. unit said in a statement to the Bombay Stock Exchange today. That was less than the 7.2 billion rupee average of 22 analyst estimates compiled by Bloomberg. Sales increased 30 percent to 82.3 billion rupees.

Spending on steel and other raw materials rose 29 percent, and New Delhi-based Maruti also incurred expenses upgrading vehicles to meet new emissions standards. Sales of models including the Swift and Ritz rose 21 percent as economic growth and higher disposable incomes enabled more people to buy their first car.

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