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Bengaluru: Marti Suzuki India reported a better-than-expected quarterly profit on Tuesday. The country’s largest automaker benefited from strong demand for passenger cars, sending its shares up 2.4%.

Maruti’s profit, which has more than 40% market share in the country’s passenger car segment, increased to Rs. dollars).

Automobile sales in the country increased by nearly 23% in the quarter from the same period last year, according to the Indian Automobile Manufacturers Association.

Maruti, which is majority-owned by Japan’s Suzuki Motor Corporation, sold 465,911 units in the quarter, up from 430,668 in the same quarter last year.

The company said it had about 363,000 pending orders, of which about 119,000 were for new launch models.

On average, analysts expected the company to report a profit of Rs 18.81 billion, according to Refinitiv IBES data.

($1 = 81.4825 Indian Rupee) India’s Maruti to Exceed Third Quarter Profit Forecast on Strong Demand for Passenger Vehicles

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