India’ Maruti Suzuki reports doubled Q3 profit on strong passenger car demand

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India’ Maruti Suzuki reports doubled Q3 profit on strong passenger car demand
India’ Maruti Suzuki reports doubled Q3 profit on strong passenger car demand

Bengaluru: Maruti Suzuki India Ltd reported better-than-expected quarterly profit on Tuesday, as the country’s biggest carmaker benefitted from strong demand for its passenger cars.

Profit for Maruti, which has over 40% market share in the country’s passenger vehicles segment, came in at 23.51 billion rupees ($288.53 million) for the quarter ended Dec. 31, compared with 10.11 billion rupees a year ago.

Analysts on average had expected the company to report a profit of 18.81 billion rupees, according to Refinitiv IBES data.

Maruti sold 465,911 vehicles in the quarter, up from 430,668 units the same quarter last year.

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