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Maruti’s recently launched New Alto 800 has picked up well in the festive season and is expected to do well in the fourth quarter. This coupled with the order backlog for Swift, Swift Desire and Ertiga is expected to drive the demand scenario for the auto major
New Delhi: Riding on good sales of new variants like Ertiga and Swift DZire, and benefiting from low base effect, the country’s largest car maker Maruti Suzuki India on Friday reported an over two-fold jump in net profit to Rs501.29 crore for the third quarter, reports PTI.
The company’s net profit stood at Rs 205.62 crore during the same period last fiscal.
Net sales during the third quarter to end-December, stood at Rs10,956.95 crore, up 45.57% from Rs7,527.10 crore in the year-ago period, Maruti Suzuki India (MSI) said in a statement.
“The growth in net profit was primarily due to higher sales and good response to new models like Ertiga and Swift DZire,” it said, adding the company's continued cost reduction efforts helped to drive profit in the quarter.
Hit by low sales and labour unrest at its Manesar plant and rupee depreciation, the car maker, a unit of Japanese Suzuki Motor Corporation, had reported a 63.6% fall in net profit for the quarter ended 31 December 2011, to Rs205.6 crore, its worst performance in previous 12 quarters.
MSI said its sales volume stood at 3.01 lakh units during the third quarter this fiscal as compared to 2.4 lakh units in the corresponding period of previous year, up 25.85%.
Cheering the smart earnings numbers, shares of MSI were trading 4.10% up at Rs1,599.50 crore apiece during afternoon on the BSE.
During the quarter under review, the company sold 2.7 lakh units in the domestic market compared to 2.1 lakh units, reflecting a growth of 26.98%.
It exported 32,496 units during the quarter, up 17.21% from 27,725 units in the year-ago period.
"The growth in net sales was on account of higher volumes, favourable model mix and enhanced export realisation," MSI said.
During the quarter, the company's total expenses went up by 39.86% to Rs10,667.40 crore from Rs7,627.32 crore in the year-ago period.
MSI spent Rs8,376.04 crore on raw materials compared to Rs5,866.26 crore in the same period last fiscal, up 42.78%, the statement said.
During October-December period last year, MSI's tax expenses also increased by over three-fold to Rs174.34 crore as against Rs55.68 crore in the corresponding three-monthly period in 2011.
The finance cost of the company also went up by over two-fold to Rs45.93 crore from Rs17.59 crore in the same period last fiscal, MSI said.
Trade union leaders said that it would be impossible for EPFO members to provide Aadhaar numbers as the scheme is not operational in many parts of the country
New Delhi: Trade unions (TUs) have raised the red flag against the retirement fund body Employees' Provident Fund Organisation’s (EPFO) suo moto decision to make submission of Aadhaar mandatory for its over 50 million existing subscribers and new members, reports PTI.
Questioning the decision of the EPFO, the trade union leaders said that it would be impossible for the members to provide Aadhaar numbers as the scheme was not operational in many parts of the country. Also it was cumbersome to get the numbers in states where the scheme is operational.
“They should not have taken this decision suo moto. It should have been discussed in the EPFO’s apex decision making body the Central Board of Trustees (CBT)”, Bhartiya Majdoor Sangh General Secretary Baij Nath Rai told PTI.
Rai who is an EPFO trustee also, further said, “It cannot be done out rightly as there are a lot of hiccups in making the Aadhaar number in many parts of the country.”
EPFO has recently gave direction in its order to its field staff to mandatorily ask for Aadhaar numbers from new members joining the scheme from 1 March 2013 and existing members by 30th June.
Another EPFO trustee and All India Trade Union Congress (AITUC) secretary DL Sachdev has outrightly opposed it saying that EPFO does not need to use Aadhaar number as unique account number of its members.
“We are opposing this move. All members do not have Aadhaar numbers. They should make it voluntary,” he said adding that EPFO can give unique account number of all members without using the Aadhaar number and platform.
Sachdev who is also an EPFO trustee said that AITUC would raise the issue with the labour minister as well as take it up in the CBT meeting on 15th February.
Admitting that having Aadhaar number of all EPFO members is a herculean task, another EPFO trustee and Hind Mazdoor Sabha Secretary AD Nagpal said, “I do not think that this could be done by 30th June. We will ask for extension of the deadline in the forthcoming meeting of CBT next month.”
Earlier, the EPFO had envisaged replacing its members’ account number with Aadhaar numbers to avoid inconvenience to those who had to apply for transfer of PF money to the new account with the new employer.
EPFO is working towards creating a central database where all members would have a unique account number and would not require to transfer PF accounts to another one in the event of changing jobs.
EPFO recently digitalised its database of regional offices and launched its e-passbook service where subscribers can access their account online. Now the body is working towards integrating this digital data base and bring them together at one place.
This will help EPFO members, particularly construction workers, who often change their jobs or contractors.