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Maruti's 2009-10 profit double of parent Suzuki's
Maruti Suzuki has outperformed Suzuki Motor Corp in terms of profitability, with the Japanese parent today posting a consolidated net profit of 28.91 billion yen (about Rs 1,395 crore) for the fiscal 2009-10, almost half of that of the India's largest carmaker.
Suzuki Motor Corporation (SMC) reported 5.41 per cent jump in its net income for 2009-10 at 28.91 billion yen, which was driven by strong performance by its Indian subsidiary Maruti Suzuki.
SMC's net sales, however, declined by 17.83 per cent to 2,469.06 billion yen (about Rs 1,19,190 crore) due to overall fall in sales and appreciation of Japanese yen, a statement on Suzuki's website said.
Last month, Maruti Suzuki India had reported an over two-fold jump in its consolidated net profit at Rs 2,624.64 crore (Rs 26.246 billion) for 2009-10. The consolidated total income from operations during the fiscal soared by 42.27 per cent to Rs 30,122.51 crore (301.225 billion).
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Maruti's 2009-10 profit double of parent Suzuki's
SMC said its sales in Asia were up by 103.7 per cent at 780.6 billion yen (Rs 37,688 crore) as "the increased number of units sold of automobiles by Maruti Suzuki India in India covered the sales decrease in ASEAN and sales decrease influenced by exchange fluctuations of yen appreciation".
It, however, had suffered an operating loss of 11.6 billion yen (about Rs 560 crore) it North American operations.
MSI was the first carmaker in India to sell over a million units in a single financial year. It had sold a total of 10,18,365 units in FY10, including exports, up 28.55 per cent compared to the previous fiscal. Its domestic sales were up by 20.64 per cent at about 8,71,000 units in 2009-10.
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Maruti's 2009-10 profit double of parent Suzuki's
SMC said sales in India were helped to a great extent by new models, including A-Star and Ritz.
In the last couple of years, MSI has outsold its parent in terms of domestic sales.
On the other hand, Suzuki's domestic sales in Japan dipped by 6.47 per cent to 6,22,000 units from 6,65,000 units in the 2008-09, the statement said.