Maruti Suzuki India, the country’s largest car maker, has reported 2.91 per cent year-on-year decline in its consolidated profit after tax (PAT) at Rs 7,650.60 crore for the full year ended March 31, 2019, created by volatility in forex market, rise in commodity prices and higher depreciation expense. Maruti Suzuki India, in a filing to the Bombay Stock Exchange said the company’s consolidated PAT stood at Rs 7,880.70 crore in the year-ago period.
Total sales revenue for the fiscal stood at Rs 83,038.50 crore as compared to Rs 80,348.80 crore in the previous year, registering a year-on-year growth of 3.34 per cent.
The operating profit (EBIT) of the company climbed 14.2 per cent y-o-y to Rs 79,804 crore in FY19.
During the financial year 2018-19, the company sold a total of 1,753,700 units in the domestic market, registering a growth of 6.1 per cent. This comprised 1,729,826 units in the passenger vehicle segment, a growth of 5.3 per cent and 23,874 units of LCV, a growth of 138 per cent over previous year. Exports were at 108,749 units.
The company added that the year has been difficult because of adverse foreign exchange rates and increase in commodity prices. The second SMG plant in Gujarat was commissioned leading to a higher depreciation expense. The overall market was slow and had to be supported by higher sales promotion expenses. This was partially offset by cost reduction efforts, the company mentioned in the exchange filing.
During January-March quarter, the auto major’s net profit was at Rs 1,795.60 crore, lower by 4.6 per cent compared to the same period previous year, affected by adverse foreign exchange volatility, rise in commodity prices and higher sales promotion expense. Net sale in the quarter are at 20,737.50 crore, up by 0.7 per cent over the same period previous year.
The company’s board has recommended a dividend of Rs 80 per share of face value Rs 5 for 2018-19. Meanwhile, shares of Maruti Suzuki India were trading at Rs 6,905 apiece, down 1.70 per cent, on the BSE.
