New Delhi [India], Apr 25 (ANI): Adverse foreign exchange rates and commodity prices pulled down Maruti Suzuki's net profit during the fourth quarter ended March 31 by 4.6 per cent to Rs 1,796 crore in the year-on period.
Higher depreciation and higher sales promotion expenses also weighed heavy on the balance sheet with net sales of Rs 20,737 crore, up by 0.7 per cent over the same period of previous year.
Total sales slipped by 0.7 per cent at 458,479 vehicles. The country largest passenger car manufacturer sold 428,863 units in domestic market, including 421,383 units in the passenger vehicle segment and 7,480 units of light commercial vehicles.
Exports were at 29,616 units, according to an official statement.
The board of directors recommended a dividend of Rs 80 per share of face value of Rs 5 for 2018-19, the same as that of last year.
In the entire fiscal year 2018-19, net sales stood at Rs 83,027 crore, marking a growth of 6.3 per cent over the same period of previous year.
Net profit for the year stood at Rs 7,501 crore, lower by 2.9 per cent compared to the same period of previous year.
"This was a difficult year because of adverse foreign exchange rates and increase in commodity prices. The second Suzuki Motor Gujarat plant was commissioned, leading to a higher depreciation expense," the company said.
"The overall market was slow and had to be supported by higher sales promotion expenses," it added.
Maruti Suzuki sold a total of 1,753,700 units in the domestic market, marking a growth of 6.1 per cent. This comprised of 1,729,826 units in passenger vehicle segment and 23,874 units of light commercial vehicles.
A total of 108,749 units were exported.