Maruti Suzuki Q1 profit up 23 percent, beats estimates
NEW DELHI (Reuters) - Maruti Suzuki , India's top-selling car maker, posted on Tuesday a 23 percent rise in first-quarter net profit, beating estimates, as higher sales on new model launches offset the adverse impact of an unfavourable foreign exchange rate.
Maruti, controlled by Japan's Suzuki Motor , said profit for the April-June quarter was 14.86 billion Indian rupees ($220.80 million), up from 12.08 billion rupees in the same period a year ago.
Analysts had expected the company to post a profit of 12.39 billion rupees, Thomson Reuters data showed.
Net sales rose about 12 percent to 146.5 billion rupees.
($1 = 67.3000 Indian rupees)
(Reporting by Aditi Shah; Editing by Muralikumar Anantharaman)