Maruti Suzuki India Ltd, the country’s top-selling car maker, posted a more than three per cent rise in quarterly profit, beating estimates, helped by higher sales in its compact and utility vehicles segments.
The company, majority-owned by Japan's Suzuki Motor Corp, reported a profit of Rs 2,484 crore ($381.86 million) for the second quarter ended September 30, versus Rs 2,402 crore a year ago.
This came in above analysts’ average estimate of Rs 2,229 crore, according to Thomson Reuters data.
Maruti, which provides the bulk of Suzuki Motor’s revenues, sold a total of 492,118 vehicles during the quarter, up about 18 per cent from a year ago.
Sales of compact vehicles, which includes Swift and Baleno, rose 43.5 per cent, while sales of utility vehicles like Ertiga and Vitara Brezza climbed 27.6 per cent.
The company dominates the small car market in India and has been expanding its offerings by launching more premium vehicles as competition heats up with newer and planned entrants such as Kia Motors and SAIC Motor Corp.