Maruti Suzuki India's Q1 profit inches up 4.4%

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"Growth in volumes, favorable product mix, higher non-operating income and cost-reduction efforts contributed to [an] increase in profits".

The company said costs during the quarter under review were impacted by higher commodity prices, sales promotion and marketing expenses.

The company also reported a deferred tax expense of 1.85 billion rupees as compared with 415 million rupees in the corresponding quarter previous year. Of this, a total of 26,140 units were exported. Consequently, the operating profit or Ebitda (earnings before interest, tax, depreciation) increased by just 5.22 per cent YoY to Rs 2,331.2 crore. The Q1 FY2018 net profit however, has been below expectations, owing to the one-off impact of compensating its dealers for the excise duty loss incurred on their inventories in place, billed before July 1.

But higher spend to attract customers and fatter discounts have hurt the company's margins. That was despite wholesale despatches remaining subdued in June before the roll out of the goods and services tax (GST). Raw material expenses increased by 15.74% y-o-y and as a percentage of net sales it increased by a whopping 270 basis points to 71.6% from 68.9% in Q1FY17.

Senate advances on healthcare, with dramatic return by McCain
Arizona is one of 31 states that expanded Medicaid under President Barack Obama's health care law, and Republican Gov. They have nearly no margin for error making the presence of the 80-year-old McCain crucial if the vote is to succeed.

During the quarter Maruti emerged as the largest utility vehicle manufacturer in the domestic market as result of the healthy increasing in demand for Vitara Brezza and Ertiga hybrid.

Analysts tracking the sector said the company's huge market share is unlikely to get challenged in the short term.

Maruti Suzuki, which has a market share of a little over 49% is not only leading in the auto market but also in the utility vehicle and van segments.

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