Maruti Suzuki India has slipped almost 3% to Rs 1,082 in opening deals after reporting higher-than-expected 23% year-on-year (yoy) fall in net profit at Rs 424 crore for the quarter ended June 2012, due to the depreciation in the rupee against the yen. Analysts, on an average, expected net profit of Rs 450 crore for the quarter. Net sales however, grew 28% at Rs 10,529 crore on y-o-y basis.
"Adverse currency movements notably the Yen-rupee exchange rate, impacted profits negatively,” Maruti Suzuki India said in a statement.
Market demand continued to be skewed in favour of diesel cars while petrol cars suffered a sharp de-growth during the quarter, it added. The company’s quarterly sales volumes were up just 5.1% to 295,896 units over the pervious year.
A combined around 250,000 shares have changed hands on the counter in opening trades.
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