Country's largest carmaker Maruti Suzuki today reported 11.7 per cent decline in net profit to Rs 1,133.6 crore for the fourth quarter ended March 31, hit by Jat reservation agitation in Haryana and higher advertising expenses.
New Delhi: Country's largest carmaker Maruti Suzuki today reported 11.7 per cent decline in net profit to Rs 1,133.6 crore for the fourth quarter ended March 31, hit by Jat reservation agitation in Haryana and higher advertising expenses, although it posted a record profit in 2015-16 fiscal.
The company had posted a net profit of Rs 1,284.2 crore in the same period of the previous financial year, Maruti Suzuki India said in a statement.
"Loss of over 10,000 units due to reservation agitation, increased advertising expenses and lower other income slightly impacted profits during the quarter," MSI said.
Net sales during the January-March quarter of 2015-16 rose however to Rs 14,929.5 crore, up 12.5 percent against Rs 13,272.5 crore in the same period of 2014-15.
Car sales in the quarter were up 3.9 percent at 3,60,402 units, the company said, adding that the exports were at 27,009 units.
For the full fiscal ended March 31, MSI posted net profit of Rs 4,571.4 crore, up 23.2 percent from Rs 3,711.2 crore in the previous fiscal.
Net sales of the company for the fiscal stood at Rs 56,350.4 crore, up 15.9 percent from 48,605.5 crore last year.
Volume sales in the fiscal were up 10.6 percent at 1,429,248 units. Of this, exports were at 1,23,897 units, the company said.
The company said its Board of Directors has recommended a dividend of 700 percent per cent, Rs 35 per share of face value Rs 5 for 2015-16. The dividend in 2014-15 was at 500 percent.
MSI stock was trading 2.92 percent up at Rs 3,843.50 during the afternoon session on BSE.