Maruti Udyog [Get Quote] on Thursday reported a 35.2% increase in net profit at Rs 499.60 crore (Rs 4.996 billion) for the first quarter ended June 30, 2007 when compared with Rs 369.57 crore (Rs 3.695 billion) in Q1FY07.

According to a release issued by Maruti to the Bombay Stock Exchange, the company's total income increased 27% to Rs 4,154.07 crore (Rs 41.540 billion) in Q1FY08 from Rs 3,268.77 crore (Rs 32.687 billion) in Q1FY07.

During the quarter April-June 2007, the company's sales in the domestic market, was 160,604 units, a growth of 17.1 per cent over the corresponding period last year. Total sales, including exports, during the April-June 2007 period was 169,669 units, up 17.1 per cent over April-June 2006.

New name: Maruti Suzuki India Limited

Car market leader Maruti Udyog Limited is opting for a new name. The board of directors, at its meeting in New Delhi on Thursday, approved a proposal to change the company's name to Maruti Suzuki India Limited.

This is subject to approval by shareholders. The new name will come into effect only after it is approved by shareholders at the Annual General Meeting, and thereafter by the Registrar of Companies.

In the new name, 'Maruti' continues to have a predominant position. 'Maruti' is one of the strongest corporate brand names in the country, in terms of awareness, recall, trust and customer care. A generation of Indians has grown up with this brand name.

'Suzuki' in the corporate name imparts an international dimension. Besides being the parent company, Suzuki Motor Corporation is a leading player in the global automobile market. The leader in Japan's minicar market for over three decades, it has recently positioned itself as a complete car maker with the success of its globally strategic models like Swift, SX4 and Grand Vitara.

This international dimension in the company's name will help Maruti as it expands its role in global markets. The Company is to launch a model for export to Europe in the next couple of years, while building on its recent success in Afro-Asian markets. Maruti is also developing capabilities to become Suzuki's Research & Development hub for Asia, outside Japan.

'India' in the corporate name, while conveying the location of the company and its facilities, also recognises the growing importance of the country, across the world.