April 28, 2021 4:58:45 am
Hit by steep rise in commodity prices and decline in non-operating income, Maruti Suzuki India Limited, reported a 6.14 per cent decline in consolidated net profit at Rs 1,241.1 crore for the fourth quarter ended March 31, 2021. It had reported a net profit of Rs 1,322.3 crore in Q4 FY20.
While the company’s revenue from operations rose 32 per cent from Rs 18,207 crore in Q4FY20 to Rs 24,035 crore in Q4FY21, its non-operating income fell sharply from Rs 880 crore to Rs 89.7 crore in quarter ended March 2021.
The nation’s largest carmaker saw a big jump in its raw material expenditure during the quarter. While the cost of materials consumed in the quarter ended March 2020 stood at Rs 8,313 crore, it rose by 45 per cent in Q4FY21 to Rs 12,066 crore.
The company said the decline in profit was on account of steep rise in commodity prices and “lower non-operating income owing to mark-to-market loss on invested surplus.”
In Q4, the company sold a total of 4,56,707 units in the domestic market, which was 26.7 per cent higher than that in the corresponding quarter last year. Exports were at 35,528 units during the quarter. On a standalone basis, the auto major reported net profit of Rs 1,166.1 crore, down 9.7 per cent from same period last year. For FY21, the company posted a 22.69 per cent fall in consolidated net profit at Rs 4,389.1 crore. In FY20, it had seen a net profit of Rs 5,677.6 crore.
In FY21, the company sold a total of 14,57,861 vehicles, down 6.7 per cent from FY20 and lower by 21.7 per cent as compared to FY19.
The company’s board recommended a dividend of Rs 45 per share for FY21. Even as the benchmark Sensex rose 1.1 per cent Tuesday, its shares ended 1.24 per cent down at Rs 6,558.2.
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