Marutisuzukiq4 netdips 6% to ₹1,241 cr
The carmaker sold 4,92,235 vehicles during the quarter, up 27.8% year-on-year
NEW DELHI: The country’s largest carmaker Maruti Suzuki India (MSI) on Tuesday reported 6.14% decline in consolidated net profit at ₹1,241.1 crore for the quarter ended March 31, 2021.
The auto major had posted a net profit of ₹1,322.3 crore in January-march quarter of 2019-20, the carmaker said in a regulatory filing.
However, revenue from sale of products stood at ₹22,959.8 crore as compared to ₹17,187.3 crore earlier, up 33.58%.
The company said it sold a total of 4,92,235 vehicles during the fourth quarter, higher by 27.8% as compared to the same period previous year.
Sales in the domestic market stood at 4,56,707 units, up by 26.7%. Exports were at 35,528 units.
On a standalone basis, the auto major said it reported net profit of ₹1,166.1 crore, down 9.7% from the same period of previous fiscal, due to “lower non-operating income owing to mark-to-market invested surplus”.
Net sales stood at ₹22,958.6 crore on standalone basis, an increase of 33.6% compared to the same period previous year, it added.
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For 2020-21, the company reported a 22.69% decline in its consolidated net profit at ₹4,389.1 crore, as compared to ₹5,677.6 crore in 2019-20.
Consolidated revenue from sale of products declined to ₹66,571.8 crore, as against ₹71,704.8 crore in FY20, it added.
On a standalone basis, the net profit for the last fiscal stood at ₹4,229.7 crore, down by 25.1% as compared with 2019-20.
The company said profit last fiscal was impacted on account of lower sales volume, increase in commodity prices, adverse foreign exchange movement, and lower non-operating income partially offset by lower operating expenses, and cost reduction efforts.
During the last fiscal, the company said it sold a total of 14,57,861 vehicles, down 6.7% as compared to FY20 and lower by 21.7% as compared to FY19.
In 2020-21, the company’s sales in the domestic market stood at 13,61,722 units, down 6.8% and exports were at 96,139 units, lower by 5.9% as compared to the previous year, it added.
The automaker further stated that in line with the financial performance of the year and considering the uncertain business environment, the company’s board recommended a dividend of ₹45 per share (face value of ₹5 per share) for 2020-21.
MSI shares ended 1.24% down at ₹6,558.20 apiece on BSE.
Maruti Suzuki is planning to increase output by 200 cars per day from May, Mint reported on April 27 citing two people aware of the company’s plans.
Suzuki Motor Gujarat has recently added a new assembly line in its Gujarat based factory and production will be increased as a consequence.
The forecast of increase in output will take the daily production rate to more than 7000 cars, said the people mentioned above.
Maruti witnessed a sharp recovery in production and sales in the second half of last fiscal as sales of its compact cars picked up due to shift in personal mobility to avoid Covid-19 infections and quicker recovery economic activity. Some of Maruti’s popular products like, Baleno and Swift, have high waiting periods and most of the company’s dealers also have less than 20 days of stock with them.