Maruti Suzuki Q4 profit down 5.0pc to Rs 17.95b

April 26, 2019 00:00:00

Chairman and K Ayukawa, Managing Director and CEO of Maruti Suzuki India R C Bhargava addressing a press conference in New Delhi on Thursday

NEW DELHI Apr 25 (BusinessLine): India's largest passenger car manufacturer, Maruti Suzuki India (MSIL), on Thursday reported a standalone net profit of Rs 17.95 billion (1,795 crore) for the fourth quarter ended March 31, lower by around 5.0 per cent as compared with Rs 18.82 billion (1,882 crore) in the same period last year.

This quarter was marked by adverse foreign exchange rates and commodity prices, higher depreciation and higher sales promotion expenses partially offset by cost reduction efforts, the company said.

Net sales of the company rose marginally year-on-year (YoY) to Rs 207.37 billion (20,737 crore) as compared with Rs 205.94 billion (20,594 crore) in the same period previous year.

The company sold a total of 4,58,479 vehicles during the January-March quarter, marginal decline as compared to the same quarter last year.

The Board of Directors meanwhile, has recommended a dividend of Rs 80 per share of face value Rs 5.0 for 2018-19, the same as that of last year, the company added.

PTI adds: The company also stated phasing out all diesel cars from its portfolio with effect from April 1, 2020.

"From April 1, 2020 we will not be selling diesel cars," MSI Chairman RC Bhargava told reporters here.

The company currently sells a range of diesel vehicles. Around 23 per cent of all units sold by the company in the domestic market currently are diesel cars.