Maruti profits soar; to pay 150% dividend

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Maruti profits soar; to pay 150% dividend
Maruti Suzuki has surprised analysts with a spectacular growth in net profits to Rs 640 crores, a sharp growth of 212%, quarter on quarter.

During the quarter company sold a total of 360,334 units as compared to 343,340 units in the corresponding period of last year.

The board of directors of the company have recommended a dividend of 150% on a face value of Rs 5 per share. Analysts were expecting a decent growth in profits of Maruti, however, the sharp growth of 212% has taken them by surprise.

The shares of Maruti are expected to jump sharply in trade on Monday. The stock has been performing well over the last few months and had rallied sharply after the launch of the Ertiga. Analysts continue to be optimistic on the performance of the Ertiga given its aggressive pricing. Also, interest rates in the economy are likely to reduce which should benefit the automaker.

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