Maruti Suzuki shares rise almost 2% as Q2 results beat market expectations

The logo of Maruti Suzuki India Limited is seen on a glass door at a showroom in New Delhi

The logo of Maruti Suzuki India Limited is seen on a glass door at a showroom in New Delhi

Bhargava said, "We will make electric vehicles, but won't be able to give a definite timeline on when it will happen".

Maruti's parent, Suzuki Motor Corp, has electric vehicle technology which it can provide, Bhargava said, adding the Japanese company was also in talks with Toyota Motor Corp to form an alliance which may include sharing technologies like hybrid and electric.

Earlier on Friday, Maruti reported a profit of Rs 24.84 billion ($381.86 million) for the second quarter ended September 30, as against Rs 24.02 billion a year ago, helped by higher sales of compact and utility vehicles. Maruti Suzuki sold a total of 4,92,118 vehicles during the quarter, 18 per cent higher than the comparable period from previous year.

The net profit for the quarter came in at Rs 2,484 crore, yoy increase of 3.4%.

The company's earnings beat estimates. The company said its net profit increased by only 3.4 percent due to lower non operating income as the yields of investment were lower compared to past year. The profit was higher than ETNow poll of Rs 2,277 crore.

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In an automobile research report, Edelweiss Securities had said, "Improved product mix with a higher share of the Baleno/ Brezza/ Ignis/and the new Dzire should help boost realisations and margins by lowering average discounts".

Operating profit margins for the carmaker in Q2FY18 fell 10 basis points year-on-year to 16.9 per cent but expanded 360 basis points sequentially.

"Sales in the domestic market stood at 457,401 units, a growth of 19.4 per cent. Exports were at 34,717 units", Maruti Suzuku said in a statement.

Maruti has a contract manufacturing agreement with Suzuki Motor Gujarat, a Suzuki unit, under which it buys products at cost price. We will grow in double digits. "I don't think it will", Bhargava said.

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