Maruti rides on festive sales, posts Rs 570 cr profit

Boosted by good festive season sales and robust exports, the country's largest car maker, Maruti Suzuki India, today reported a nearly two-fold jump in its net profit at Rs 570 crore for the second quarter of FY'10.The company had a net profit of Rs 296.12 crore in the same period a year ago.It is investing Rs 150 crore to hike production capacity at its Gurgaon facility by up to 90,000 units through de-bottlenecking and modernisation."During the quarter, we had good festival season sales and response to our new models were good. Moreover, we also saw robust exports," Maruti Suzuki India Managing Director and CEO S Nakanishi told reporters here.MSI's net sales grew by 46.67 per cent during the quarter ended September 30, 2009, at Rs 7,049.58 crore, against Rs 4,806.26 crore in the same period last year. PTI