Maruti net profit rises 4% on rebound in sales

New Delhi: Maruti Suzuki India on Wednesday reported a 3.7% rise in net profit for the third quarter, supported by a rebound in domestic sales after GST reforms, though earnings were hit by a one-time provision linked to new labour laws and higher commodity costs. The country’s largest carmaker posted a net profit of Rs 3,794 crore for the Oct–Dec quarter, up from Rs 3,659 crore a year earlier. Senior executives from the company said profits were impacted by a one-time provision of Rs 594 crore related to the implementation of the labour laws, higher commodity costs, unfavourable foreign exchange movement, and rare-earth supply issues. Revenue from operations jumped to Rs 49,904 crore from Rs 38,764 crore in the year-ago period, as senior executives said demand staged a strong comeback in the third quarter.