India’s top carmaker Maruti Suzuki posted an unexpected rise in quarterly profit on Thursday, boosted by strong exports and a jump in non-operating income.
Maruti is among a handful of Indian automakers leveraging their export heft to soften the blow of weak domestic demand in a quarter when car sales dropped to a two-year low.
The company, majority-owned by Japan’s Suzuki Motor , said its overall sales grew 1.1% in the April-to-June quarter, with exports jumping 37%, while domestic sales slid 6%.
Higher exports, coupled with price hikes that took effect in April, drove its June quarter revenue up 8.1% to 366.25 billion rupees ($4.18 billion).
A nearly two-fold jump in so-called other income, earnings from treasury operations and investments, also boosted its bottomline to 37.12 billion rupees in the June quarter from 36.5 billion rupees a year earlier.
Analysts had expected Maruti’s profit to decline to 31.05 billion rupees, according to data compiled by LSEG.
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Its total expenses rose 11% year-on-year to 354.02 billion rupees, but declined 5.4% from the previous quarter, as the carmaker reined in costs despite pressures from rising commodity prices and higher promotions.
Higher exports helped smaller peer Hyundai India beat estimates for the quarter, while strong SUV sales aided Mahindra & Mahindra in topping estimates.
Maruti’s shares trimmed losses to trade flat by the end of the session. The shares have risen 15% so far in 2025.
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