New Delhi: The country's largest car maker Maruti Suzuki India (MSI) on Thursday reported a 4.6 percent decline in net profit to Rs 1,795.6 crore for the fourth quarter of the 2018-19 fiscal.
Meanwhile, shares of Maruti Suzuki fell over 2 percent after the company reported decline in net profit for the fourth quarter and said it would phase out all diesel cars from its portfolio with effect from 1 April, 2020.
The company had posted a net profit of Rs 1,882.1 crore in the January-March period of 2017-18, MSI said in a statement.
Net sales during the quarter rose to Rs 20,737.5 crore, up marginally over the year-ago period.
Total car sales dips marginally to 4,58,479 units during the quarter under review, the company said.
For the entire 2018-19 fiscal, MSI posted a net profit of Rs 7,500.6 crore, down 2.9 percent from the previous fiscal.
Net sales last fiscal stood at Rs 83,026.5 crore, a rise of 6.3 percent from 2017-18.
Total volume sales during 2018-19 were up 4.7 percent to 18,62,449 units. Of this, 1,08,749 units were exported, the company said.
The company said that the quarter was marked by adverse foreign exchange rates and commodity prices, higher depreciation and higher sales promotion expenses. It was partially offset by cost reduction efforts.
The board of directors of the company has also recommended a dividend of Rs 80 per share for 2018-19. MSI shares were trading 0.04 percent lower at Rs 7,021.50 apiece on the BSE.
The scrip dropped 2.23 percent to close at Rs 6,868.05 on the BSE. During the day, it fell by 2.26 percent to Rs 6,865.
On NSE, shares declined 1.94 percent to close at Rs 6,880.
In terms of traded volume, 1.50 lakh shares were traded on BSE and over 30 lakh shares changed hands on NSE during the day.
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Updated Date: Apr 25, 2019 16:38:55 IST