Maruti Suzuki records 21% profit in the 2014 first quarter!
Maruti Suzuki recorded 21% profit in the 2014 first quarter! The home grown Indo-Japanese automaker recorded 21 percent gain in the first quarter of 2014 with net profit amount of INR 762.28 crore till June 30 as against INR 631.30 crore a year ago; nearly a INR 130.98 crore rise! MSI sold 2,70,643 units during this quarter an up by 10 percent compared to 2,45,346 units in the similar period last year. The excise duty cut retention has certainly been a major factor that fueled this success.
Ajay Seth, chief financial officer, stated on the success of the company, “We started the quarter with low consumer sentiments, high inflation and other economic factors that affected the economy last year, but after the elections, consumer sentiments turned positive.” Seth further commented on the import production content , “Our total import content as on March 31, 2014 as percentage of net sales was at 16 per cent, which has significantly come down from around 26 per cent since 2010-11 onwards.”
Maruti Suzuki will also mark its re-entry into the C segment with the Ciaz, the sedan will be launched later this month or in the first week of September. Major rivals of the Ciaz will be the segment leader Honda City followed by Hyundai Verna. While Ford Fiesta and Nissan Sunny have received facelifts recently, seems like Ciaz is entering in beefed up space lets see what difference could Maruti make with the Ciaz. The sedan will replace the aging SX4 and will come with plethora of features inside-out apart from the completely new design and platform. Mechanically, the Ciaz is expected to be powered by Ertiga's powerplants.
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