NEW DELHI, MARCH 31: Maruti managing director RSSLN Bhaskarudu has hit out at Suzuki's crticism of his "incompetence" with a 28 per cent jump in profit after tax and an increase in net worth of the company by 41 per cent in a difficult year for the automobile market. Bhaskarudu announced provisional results for 1997-98 at a press conference on Tuesday.Bhaskarudu refused to be drawn into any criticism of Suzuki's allegations of his competence. "The credit for the performance goes to all my colleagues, the government and Suzuki. Maruti's performance is driven by its employees, vendors and dealers, no one person can take credit for the company's resilient performance," he said.
PAT has jumped to Rs 651 crore for 1997-98 up from Rs 510 crore in the previous fiscal. Total income has moved up by 6.3 per cent to Rs 8454 crore from Rs 7956 crore which is reflected in the company's net worth jumping to Rs 2,136 crore from Rs 1,516 crore. PBT has moved up to Rs 976 crore from 808 crore in the previous year.Significantly the company's generation of resources has moved up by 22 per cent to Rs 804 crore from Rs 658 crore. The post tax earnings per share on Rs 100 has improved to Rs 492 from Rs 386. And the return on average capital has improved to 55.63 per cent from 52.17 per cent.
On Maruti's new plant, Bhaskarudu said there will be no need for new equity or debt.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
