In a year ago quarter, the company had reported lower profits due to lower sales and sharp depreciation in the rupee. The labour unrest at its Manesar plant in October had also hurt production of some of its models, including one of its top selling compact car Swift, which further dented earnings in December quarter of 2011.
Net sales too came in better-than-forecast, rising nearly 45 percent to Rs 11,200 crore from Rs 7,882.4 crore during the same period.
Analysts on an average were expecting net profit at Rs 480 crore on net sales of Rs 10,970 crore for the quarter.
Operating profit margin improved 270 basis points YoY to 7.9 percent and earnings before interest, tax, depreciation & amortisation (EBITDA) were more than doubled to Rs 890 crore from Rs 417 crore during the same period.
Other income increased to Rs 189 crore in December quarter from Rs 175 crore in the corresponding quarter of previous fiscal while finance costs rose 2.55 times YoY to Rs 46 crore in the third quarter.
Maruti sold 3 lakh vehicles in third quarter, 25 percent higher compared to 2.4 lakh in a year ago quarter. Exports increased 17 percent YoY to 32,496 units in quarter ending December 2012 while the company sold 2.7 lakh units in India.
At 14:23 hours IST, shares rose 3.73 percent to Rs 1,593.85 on Bombay Stock Exchange.
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Maruti Q3 profit rises 2.4 times to Rs 501 cr, shares up 2%
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