Top Indian car maker Maruti Udyog Ltd reported a forecast-beating 32 percent rise in profit as cost cuts and strong demand for its new Swift hatchback offset falling sales of other vehicles and higher raw materials prices. The New Delhi-based auto maker, owned 54.2 percent by Japan's Suzuki Motor Corp, makes top-selling models such as the mini Maruti 800 and the Alto hatchback.
Maruti launched the Swift in May, and then boosted its share of the fast-growing Indian compact sector, competing with Hyundai's Getz and Fiat's Palio. Net profit for the fiscal first-quarter to June 30 was 2.26 billion rupees ($52 million) against 1.71 billion rupees a year earlier.
Net sales rose more than 3 percent to 26.13 billion rupees even as unit sales in the quarter fell 1.4 percent from a year ago to 121,866 units.
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