Maruti's tax payment up 20.34% to Rs 5,461.3 cr in FY'10

The country's largest carmaker Maruti Suzuki India's tax payment to the government increased by 20.34 percent during 2009-10 to Rs 5,461.3 crore compared to the previous period due to growth in sales.

New Delhi: The country's largest carmaker Maruti Suzuki India's tax payment to the government increased by 20.34 percent during 2009-10 to Rs 5,461.3 crore compared to the previous period due to growth in sales.

"Driven by large volume growth during the year 2009-10, the company's gross contribution to the National Exchequer (via taxes and duties) stood at Rs 5,461.3 crore in 2009-10, as compared to Rs 4,538.2 crore in 2008-09," Maruti Suzuki India said in its Sustainability Report for the last fiscal.

During the fiscal, the company had sold 10,18,365 units, including exports, registering sales of more than a million vehicles for the first time in its history, it added.

"The year 2009-10 was a landmark year for Maruti Suzuki and the Indian passenger vehicle industry. Maruti Suzuki became the first company in India to make and sell a million cars in a year," MSI Managing Director S Nakanishi said.

Driven by such robust demand, the net sales during the financial year stood at Rs 28,958.5 crore, a jump of 42.2 percent over the previous year. MSI's profit after tax also soared by 105 per cent to Rs 2,497.6 crore.

Apart from tax expenditures, the company's payments towards employees' wages also increased by 15.8 per cent to Rs 545.6 crore in 2009-10 from Rs 471.1 crore in 2008-09.

"The increase was on account of annual increments and an increase in the number of employees," the report said.

The company said that remuneration for its permanent and contract employees are "above the standard entry level minimum wages fixed by respective state governments".

Besides, MSI's contribution for various social schemes went up by 47.3 per cent to Rs 11.3 crore from Rs 7.67 crore in 2008-09, it added.
 
"The CSR spend of 2009-10 includes expenditure of Rs 1.32 crore on infrastructure projects implemented for public benefit," the report pointed out.

During the year, the company said it undertook several steps towards environmental sustainability through various measures, such as reducing CO2 emission in manufacturing by energy efficient technologies, plantation of 20,000 trees and starting natural gas supply to Manesar plant for captive power generation.

Moreover, through introduction of new fuel efficient engine and alternate fuel-driven vehicles, the company has increased efforts to reduce its environmental impact.

"The introduction of fuel efficient K-series engines a year ago and the development of intelligent Gas Port Injection (i-GPI) technology are key measures taken to minimise environmental impacts," Nakanishi said.

PTI

Tags: