India's Maruti Suzuki Q1 net up 25 pct, beats f'cast
MUMBAI, July 23 (Reuters) - Maruti Suzuki (MRTI.BO: Quote, Profile, Research), India's top carmaker, reported an unexpected 25 percent rise in quarterly net profit as it rode on higher sales, new product launches and a drop in raw material prices.
Maruti, in which Japan's Suzuki Motor Corp (7269.T: Quote, Profile, Research) holds a 54.2 percent stake, said net profit rose to 5.84 billion rupees ($120.4 million) from 4.66 billion rupees reported a year ago.
That compared with a forecast of 4.49 billion rupees in a Reuters poll of 14 brokerages. [ID:nBOM491518]
Maruti sells around one in every two cars in India with models such as the best-selling Alto and recently launched hatchbacks A-Star and Ritz.
Shares in Maruti, valued at $7.4 billion, rose 37.5 percent in the June quarter, lagging the main index .BSESN that rose 49 percent and the sector index's .BSEAUT 49 percent gain. ($1=48.5 rupees) (Reporting by Janaki Krishnan; Editing by Ranjit Gangadharan)
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