Maruti Suzuki Q1 results: PAT up 47% to Rs 3,650 cr on high demand of SUVs

 Maruti Suzuki, India's top carmaker by sales, posted first-quarter profit above market expectations on Wednesday, helped by increasing demand for its sport utility vehicles (SUV), which sent its shares up 3.9 per cent.
 

The 'Brezza' SUV manufacturer's standalone profit for the April-June quarter grew 47per cent to Rs 3,650 cr ($436 million), topping analysts' estimates of Rs 3,320 cr, per LSEG data.
 

Maruti is one of the first carmakers in India to report results in a quarter where car sales have hit a two-year low as India's general elections and extreme heat hurt demand. The company's sales also grew at their slowest pace in nine quarters.
 

Still, Maruti reported a 29 per cent rise in SUV sales, enough to boost revenue by 9.8 per cent to Rs 33,875 cr.
 

The share of SUV sales in Maruti's overall sales grew to 31 per cent from 25 per cent a year ago, making it the company's second-biggest segment after compact cars.
 

Rival Mahindra & Mahindra, which also makes SUVs, posted a bigger adjusted profit earlier in the day.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)