The country’s top carmaker, Maruti Suzuki, on Friday reported 10 per cent growth in profit for the quarter ended March 31, 2018. Net profit for the three months stood at Rs 18.8 billion, lower than analysts’ expectations of over Rs 22 billion. The company said an increase in corporate tax rates affected profitability.
Maruti Suzuki also reported a record annual profit of Rs 77.21 billion for the year ended March 31.
Its sales revenue grew 14.4 per cent to Rs 206 billion during the quarter, helped by 11 per cent growth in car sales to 461,773 units.