Maruti suzuki Q3 net down by 63.6%; shares surge by 5%

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Maruti suzuki Q3 net down by 63.6%; shares surge by 5%
Maruti Suzuki India: Quotes, News
BSE 5068.45BSE Quote180.8 (3.57%)
NSE 5068.10NSE Quote184 (3.63%)
Maruti suzuki, India's largest car-maker had posted the net profit of Rs 206 crore against Rs 565 crore in the corresponding period of last financial year. Decline of 63.6% for the quarter ended December 31, 2011.

The company's net sales decreased by 17.4% to Rs 7,663.6 crore, earlier it had reported Rs 9,276.73 crore in the year-ago period, it added.

"Sales in the quarter were impacted by sluggish market conditions caused by higher fuel prices and interest rates," the company said in the statement.

"Unit sales in the Quarter were impacted by sluggish market conditions caused by higher fuel prices and interest rates. Additionally, the company lost around 40,000 units in production due to the industrial relations problem at Manesar," the company said.

The depreciation of the rupee during the Quarter adversely impacted the bottom-line through higher cost of imports for the company and its vendors and royalty, further added.

However, the shares of the company were trading higher despite of downswing of Q3 results, shares were up by 63.45 points or 5.77% at Rs 1,162.55.

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Read more about: maruti suzuki, revenue, results, shares
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