Maruti Suzuki India Ltd, India’s largest car maker, today posted a 35.46 per cent decline in net profit at Rs 800.05 crore for the fourth quarter ended December 31, 2014.
The company had posted a profit of Rs 1,239.62 crore in the corresponding period of the previous financial year.
Net sales of the company declined by 9.48 per cent at Rs 11,818.13 crore from Rs 13,056.26 crore a year earlier, Maruti Suzuki India said in a statement.
- Big Relief For Former Karnataka CM BS Yeddyurappa: Here’s Why
- Missing For Three Days, JNU Student Found Dead In Hostel Room
- Bigg Boss 10: Review Of October 25 Episode
- Delhi Government’s Rs 200 Crore Riverfront Plan: Find Out More
- School in Jammu & Kashmir’s Bandipore District Set on Fire
- Ajay Devgn On The Making Of Shivaay: Exclusive Interview
- Bodies Of Maoists Killed In Malkangiri Encounter, One Of The Biggest Such Operations
- Mumbai’s Haji Ali Dargah Trust to SC: Ready to give women access to sanctum sanctorum
- Samajwadi Party Crisis: 5 Quotes By Mulayam Singh Yadav At Press Conference
- Ae Dil Hai Mushkil Vs Shivaay: What Delhites Pick
- Supreme Court Directs Vijay Mallya To Fully Disclose Foreign Assets In 4 Weeks
- 5 Reasons To Watch Ae Dil Hai Mushkil
- BSP Supremo Mayawati Criticises PM Modi Over Triple Talaq: Here’s What She Said
- Google Pixel XL Phone Review: Pros, Cons And Final Verdict
“Lower volumes, higher sales promotion expense and a stock compensation to dealers owing to reduction in excise duty (exceptional expense) impacted the company’s bottomline during the quarter,” it said.
The volume of sales dropped 5.48 per cent to 3,24,870 vehicles during the fourth quarter from 3,43,709 units in the same period of last year.
However, the company’s consolidated net profit for the fiscal ended March 31, 2014, rose by 15.53 per cent to Rs 2,852.92 crore as compared to Rs 2,469.28 crore in the 2012-13 fiscal.
Net sales of the company for the 2013-14 fiscal stood at Rs 43,271.78 crore as against Rs 43,215.83 crore in the earlier fiscal.
“The company’s cost reduction and localisation initiatives, together with favourable foreign exchange, helped improve profit margins despite tough economic conditions,” the carmaker said.
The company’s sales volume stood at 11,55,041 units in 2013-14 fiscal, a drop of 1.4 per cent as against 11,71,434 units in 2012-13 fiscal.
The company’s board recommended a dividend of 240 per cent at Rs 12 per share of face value Rs 5 each, for 2013-14.
Maruti Suzuki shares were trading at Rs 1925 apiece on the BSE, down 2.91 per cent from its previous close.