Maruti Suzuki's Q3 Profit Up 221.9 per cent

Maruti Suzuki India has reported the financial results for Q3, 2009-10.

The company has achieved net sales (net of excise) of INR 73,338m during Q3, 2009-10, an increase of 62.5% as compared to Q3, 2008-09.

The company's net profit during Q3, 2009-10 was INR6,875m, an increase of 221.9% compared to same quarter in previous year. Maruti opines that in the October-December 2009 quarter, conditions in domestic market supported by government's package and ease of automobile finance helped achieve good sales.

During the quarter, exports led by A-star continued to be efficient. The schemes offered by some European governments, an appreciating Euro and efforts in the non-European markets resulted in growth in exports.

The board of directors have also approved investment in capacity expansion at Manesar, including an investment of about INR 17,000m. The additional capacity will be 250,000 cars per annum and will begin commercial production by April 2012. Maruti currently has a capability to manufacturer a million units at its existing facilities at Gurgaon (0.7m) and Manesar (0.3m).

In Q3, 2009, Maruti's domestic sales volume grew by 37.8% to 218,910 units, led by Alto and WagonR. During the quarter, it launched SX4 with BSIV compliance and an automatic transmission option.

In addition, the company's volume in domestic A2 segment grew by 38.6%, while in A3 segment sales volume grew by 41.7% as compared to sales in October-December 2008. Its exports during October-December 2009 quarter grew by over 167% to 39,116 units.

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No, David Cameron’s speech was not “left wing”

Come on, guys.

There is a strange journalistic phenomenon that occurs when a party leader makes a speech. It is a blend of groupthink, relief, utter certainty, and online backslapping. It happened particularly quickly after David Cameron’s speech to Tory party conference today. A few pundits decided that – because he mentioned, like, diversity and social mobility – this was a centre-left speech. A leftwing speech, even. Or at least a clear grab for the liberal centre ground. And so that’s what everyone now believes. The analysis is decided. The commentary is written. Thank God for that.

Really? It’s quite easy, even as one of those nasty, wicked Tories, to mention that you actually don’t much like racism, and point out that you’d quite like poor children to get jobs, without moving onto Labour's "territory". Which normal person is in favour of discriminating against someone on the basis of race, or blocking opportunity on the basis of class? Of course he’s against that. He’s a politician operating in a liberal democracy. And this isn’t Ukip conference.

Looking at the whole package, it was actually quite a rightwing speech. It was a paean to defence – championing drones, protecting Britain from the evils of the world, and getting all excited about “launching the biggest aircraft carriers in our history”.

It was a festival of flagwaving guff about the British “character”, a celebration of shoehorning our history chronologically onto the curriculum, looking towards a “Greater Britain”, asking for more “national pride”. There was even a Bake Off pun.

He also deployed the illiberal device of inculcating a divide-and-rule fear of the “shadow of extremism – hanging over every single one of us”, informing us that children in UK madrassas are having their “heads filled with poison and their hearts filled with hate”, and saying Britain shouldn’t be “overwhelmed” with refugees, before quickly changing the subject to ousting Assad. How unashamedly centrist, of you, Mr Prime Minister.

Benefit cuts and a reduction of tax credits will mean the Prime Minister’s enthusiasm for “equality of opportunity, as opposed to equality of outcome” will be just that – with the outcome pretty bleak for those who end up losing any opportunity that comes with state support. And his excitement about diversity in his cabinet rings a little hollow the day following a tubthumping anti-immigration speech from his Home Secretary.

If this year's Tory conference wins the party votes, it’ll be because of its conservative commitment – not lefty love bombing.

Anoosh Chakelian is deputy web editor at the New Statesman.