Maruti reports profit of Rs 124 crore in Q2

Riding on the back of 18 per cent growth in sales, India’s largest car maker Maruti Udyog Ltd (MUL) has reported robust net profits of Rs 124 crore in the second quarter of this fiscal. According to a company release, during July to September, 2003, Maruti’s total income (net of excise) went up to Rs 2276.66 crore while the company paid out Rs 29.4 crore towards its second voluntary retirement scheme for employees, which ended on October 18. For the first six months ended September 30, 2003, Maruti’s net profit soared by 467 per cent to Rs 244.2 crore. Total income (net of excise) jumped by 33 per cent to Rs 4,386.49 crore while its profit before tax went up by 336 per cent to Rs 345.47 crore during the first six months. MUL’s strong financial performance was powered by a 31 per cent growth in vehicle sales to 2,12,512 units during April-September 2003. MUL’s vehicle production, especially for exports, was hit during August-September due to a strike at one of its key vendors, DCM Engineering.