Maruti Suzuki India 3rd quarter profit rises less than expected

Maruti Suzuki India Ltd, the country’s top-selling car maker, posted a lower than expected 3 percent rise in quarterly net profit as higher sales of its compact and utility vehicles were partially offset by higher raw material costs.

The company, majority-owned by Japan’s Suzuki Motor Corp, reported a profit of 17.99 billion rupees ($282.91 million) for the third quarter ended Dec. 31, versus 17.47 billion rupees a year earlier.

Maruti sold a total of 431,112 vehicles during the quarter, up about 11.3 percent from a year earlier. Sales of compact vehicles, which include the Swift and Baleno, rose 26.9 percent, while sales of utility vehicles including the Ertiga and Vitara Brezza climbed 28.1 percent.

In December, Maruti said it expected to launch its first electric car by 2020.