New Delhi, Jan 29: Country's largest car maker Maruti Suzuki India Ltd today said its net profit has increased 24.07 per cent to Rs 467.04 crore for the quarter ended December 31, 2007 as compared to Rs 376.41 crore for the same period a year ago.
Total income has also increased by 27.23 per cent to Rs 4844.8 crore for Q3 FY2007-08 from Rs 3,807.9 crore for the same quarter a year ago. Maruti dominates the Indian car market with best selling like models Alto and Swift hatchback, but is facing more competition from rivals including Hyundai Motor, Honda Motor, General Motors and Ford Motor.
Maruti's sales rose 17 per cent to 2,01,629 units in the October-December quarter, but the company warned its large capex programme and depreciation will hit profit margins.
Volatile raw material costs and discounts to attract buyers put off by higher interest rates have also hit Indian automakers, and most other car makers are expected to post lower profits in the coming days.