Maruti Suzuki India has moved higher by 5% to Rs 1,675, its highest level since October 2009, after reporting a better-than-expected 79% year-on-year (yoy) jump in net profit at Rs 1,148 crore for the quarter ended March 2013 (Q4) on back of higher sales. The net profit figures exclude the effect of the SPIL merger.
Analysts, on average, had expected the company to report a net profit of Rs 720 crore from the car and utility vehicles maker. The company had profit of Rs 640 crore in a year ago quarter. Net sales grew 9.4% at Rs 12,567 crore on yoy basis.
“The increase in net profit during the quarter was on account of higher sales of new models such as Ertiga, DZire and Swift, cost reduction and localization efforts and the benefit of a favorable exchange rate,” Maruti Suzuki India said in a press release.
Meanwhile, the board has recommended a dividend of 160% or Rs 8 per share of face value of Rs 5 per share for the financial year 2012-13.
The stock opened at Rs 1,595 and hit a low of Rs 1,567 on NSE before announcement of results. A combined 2.1 million shares have changed hands on the counter till 1333 hours against an average 0.52 million shares that were traded daily in past two weeks on NSE and BSE.
Analysts, on average, had expected the company to report a net profit of Rs 720 crore from the car and utility vehicles maker. The company had profit of Rs 640 crore in a year ago quarter. Net sales grew 9.4% at Rs 12,567 crore on yoy basis.
“The increase in net profit during the quarter was on account of higher sales of new models such as Ertiga, DZire and Swift, cost reduction and localization efforts and the benefit of a favorable exchange rate,” Maruti Suzuki India said in a press release.
Meanwhile, the board has recommended a dividend of 160% or Rs 8 per share of face value of Rs 5 per share for the financial year 2012-13.
The stock opened at Rs 1,595 and hit a low of Rs 1,567 on NSE before announcement of results. A combined 2.1 million shares have changed hands on the counter till 1333 hours against an average 0.52 million shares that were traded daily in past two weeks on NSE and BSE.
