Maruti Suzuki India shares were down 3.6 per cent on the NSE.India's largest-selling car maker, Maruti Suzuki India Ltd, posted a rise of nearly 27 per cent in first-quarter profit on Thursday, boosted by higher sales volumes, but missed street estimates.
The company, majority-owned by Japan's Suzuki Motor Corp, reported profit of Rs 1,975 crore ($287.38 million) for the quarter ended June 30, versus Rs 1,556 crore a year earlier.That compared with the Rs 2,271 crore average estimate of 18 analysts, according to Thomson Reuters I/B/E/S.Total revenue from operations rose 13.6 per cent to Rs 22,459 crore.Maruti's operations are key for Suzuki as it provides the bulk of the Japanese automaker's revenues, and has a market value of more than $43 billion, around 1-1/2 times that of its parent.Maruti sold 490,479 vehicles during the quarter, up 24.3 per cent from a year earlier.
Sales of compact vehicles, which include the Swift and Baleno, rose 49.8 per cent, while sales of utility vehicles, including the Ertiga and Vitara Brezza, climbed 15.1 percent.Suzuki this year announced an agreement with Toyota Motor Corp for the Indian market, by which Suzuki will supply its Baleno hatchback and Vitara Brezza to Toyota, while Toyota will produce the Corolla sedan for Suzuki.Shares of the automobile major fell nearly 4 per cent on both the indices - SP BSE Sensex and NSE Nifty.
At 1:33 pm, Maruti Suzuki India shares were down 3.6 per cent on the NSE, whose benchmark index Nifty was trading 21 points higher at 11,152.
Thomson Reuters 2018