Maruti Suzuki India quarterly profit falls short as promotions rise – News of Bahrain- DT News

Maruti Suzuki India quarterly profit falls short as promotions rise – News of Bahrain- DT News

Maruti Suzuki India quarterly profit falls short as promotions rise. Maruti Suzuki India Ltd reported lower-than-expected third-quarter profit yesterday as the country's biggest carmaker spent more on promotions during a wider industry slowdown.. Net profit rose to 15.65 billion rupees ($220.21 million) for the three months ended Dec. 31, compared with 14.89 billion rupees a year earlier.. Analysts on average had expected a profit of 16.47 billion rupees, according to Refinitiv data.. The results come as the auto industry faces tighter credit, higher insurance costs and a pile-up of inventory.. Shares of the Mumbai-based company fell as much as 1.5% in afternoon trade, compared with the broader Mumbai market which was flat.. Maruti sold 437,361 vehicles during the December quarter, up 2pc from a year earlier.. Revenue from operations rose more than 5pc to 207.07 billion rupees, said the company which is majority-owned by Japan's Suzuki Motor Corp..