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New Delhi / Bloomberg
Maruti Suzuki India Ltd. shares rose after the automaker posted revenue that beat analyst estimates as it sold more of the new Baleno hatchback and automatic variants of some existing models.
The shares gained as much as 4.1 percent, the most intraday since April 13, in Mumbai trading. Total revenue in the quarter through March climbed to 153 billion rupees ($2.3 billion), the New Delhi-based unit of Suzuki Motor Corp. said on Tuesday. That compares with the 148.8 billion rupee average of 27 analysts’ estimates compiled by Bloomberg.
In the past nine months, India’s biggest automaker by volume has been expanding its portfolio by adding more expensive models such as the Baleno hatchback and Vitara Brezza sport utility vehicle. Maruti has also attracted buyers with automatic transmission variants of its popular models like the Alto minicar and Celerio hatchback.
Net income in the quarter declined 12 percent to 11.3 billion rupees. That compares with the 11.9 billion rupee average of 27 analysts’ estimates compiled by Bloomberg. The rupee declined more than 11 percent against the Japanese yen in the 12 months through March, making components imported from Japan costlier. About 15 percent of parts used by Maruti are imported.
Maruti in March started selling its Vitara Brezza compact SUV. The company’s domestic deliveries in the quarter rose 5.1 percent, compared with the 2.5 percent growth in industrywide sales. It introduced the S-Cross crossover in August and Baleno in October.