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Maruti Suzuki profits up by 28.69% at Rs 862.54 crore in Q2.

New Delhi, Oct. 30 -- India's largest passenger vehicle manufacturer Maruti Suzuki has reported a 28.69 percent increase in profits at Rs 862.54 crore for the second quarter that ended September 30. The growth in profits was in line with growth of revenues during the quarter, which was up by 17.47 percent when compared to the same period last year.

The company registered sales of 3,21,898 units during Q2 of 2014, a 16.4 percent growth when compared to the 2,75,586 units Maruti sold in the same period last year. Sale of cars in the domestic market itself contributed 2,87,687 units, which is higher than last year's overall sales.

Growth of domestic sales is what pushed up Maruti Suzuki's earnings, which was up by 19.09 percent during the second quarter. "Growth in domestic sales and cost reduction initiatives by the company contributed significantly to bottomline growth during the quarter," said the company in a statement.For the first half of the current fiscal, Maruti's profits were up by 24.8 percent at Rs 1624.82 crore. The company's positive growth signifies the return of stability to the Indian auto sector, but it will take time before sales can truly grow. Sales too were up by 14.7 percent during the first half of the fiscal, which is a positive sign for the sector.

Published by HT Syndication with permission from Wheels Unplugged.

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Publication:Wheels Unplugged
Article Type:Financial report
Date:Oct 30, 2014
Words:252
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