The country’s largest car maker Maruti Suzuki India (MSI) on Thursday reported a 4.6% decline in net profit to Rs 1,795.6 crore for the fourth quarter of the 2018-19 fiscal. The company had posted a net profit of Rs 1,882.1 crore in the January-March period of 2017-18, MSI said in a statement.
Net sales during the quarter rose to Rs 20,737.5 crore, up marginally over the year-ago period. Total car sales dips marginally to 4,58,479 units during the quarter under review, the company said.
For the entire 2018-19 fiscal, MSI posted a net profit of Rs 7,500.6 crore, down 2.9% from the previous fiscal. Net sales last fiscal stood at Rs 83,026.5 crore, a rise of 6.3% from 2017-18. Total volume sales during 2018-19 were up 4.7% to 18,62,449 units. Of this, 1,08,749 units were exported, the company said.
The company said that the quarter was marked by adverse foreign exchange rates and commodity prices, higher depreciation and higher sales promotion expenses. It was partially offset by cost reduction efforts. The board of directors of the company also recommended a dividend of Rs 80 per share for 2018-19.
Lines up Rs 4,500 crore capex for current fiscal
Maruti Suzuki India said it had earmarked a capex of Rs 4,500 crore for the current fiscal. The investment will go into various initiatives, including new product development, R&D and land acquisition for sales network, MSI CFO Ajay Seth told reporters here. MSI had earmarked a capex of Rs 4,000 crore for 2018-19.
