India's biggest carmaker, Maruti Udyog has posted an impressive 48 per cent rise in net profit for the second quarter this fiscal as vehicle sales drove up on the back of low interest rates.
Net profit stood at Rs 183 crore (Rs 1.83 billion) during July-September 2004 as compared to Rs 123 crore (Rs 1.23 billion) during the second quarter of the last fiscal, a company statement said on Wednesday.
Net sales rose 25 per cent at Rs 2698 crore (Rs 26.98 billion) during the second quarter of 2004-05 over Rs 2157 crore (Rs 21.57) during July-September last fiscal.
Sales of the company, which enjoys over 50 per cent market share, grew 19.7 per cent at 129,848 units during the first half of this fiscal.
Maruti's shares had dived 12 per cent during the quarter under review as investors were worried over the announcement of its parent Suzuki to set up a new car plant under another joint venture.
