Mumbai, April 27 (IANS) Automobile major Maruti Suzuki on Thursday reported a rise of 15.8 per cent in its standalone net profit for the fourth quarter (Q4) of 2016-17.
The company’s net profit for the quarter under review increased to Rs 1,709 crore from Rs 1,476 crore reported for the corresponding period of 2015-16.
According to Maruti Suzuki, its net sales stood at Rs 18,005.2 crore — a growth of 20.3 per cent over the same period of 2015-16.
“Growth in volumes, increase in share of the company’s higher segment models, benefits due to full capacity utilisation and cost reduction efforts contributed to increase in profits,” the automobile major said in a statement.
“This was partially offset by increase in commodity prices and adverse forex movement.”
The company’s sales during Q4 rose by 15 per cent to 414,439 units.
Further, the company reported an increase of 36.8 per cent in its standalone net profit for the entire financial year 2016-17 to Rs 7,337.7 crore from Rs 5,364.3 crore in 2015-16.
The automobile giant’s net sales grew by 18.5 per cent of Rs 66,909.4 crore during April-March 2016-17.
Besides, Maruti Suzuki’s sales during the last fiscal year was up 9.8 per cent to 1,568,603 units.
In addition, the company’s Board of Directors recommended a dividend of Rs 75 per share of face value Rs 5 for the financial year ended March 31, 2017.
However, the company’s scrip on the BSE declined by 0.56 per cent or Rs 35.95 to Rs 6,371.15 per share from the previous close of Rs 6,407.10 per share.
This is published unedited from the IANS feed.