Maruti net profits zoom 16.3pc at Rs 2783 cr for 2013-14

Maruti Suzuki Ltd has registered net sales (net of excise) of Rs. 426448 million (Rs 42,644.8crore) for the financial year 2013-14, up about 0.1 per cent over the previous year. Net profit during the year was Rs 2,783.1crore, a growth of 16.3pc compared to 2012-13. The Board of Directors recommended a dividend of 240 per cent (Rs 12/- per share of face value Rs. 5/-) for 2013-14. The dividend in 2012-13 was at 160 per cent. (Rs 8/- per share of face value Rs. 5/-).

The Board of Directors of Maruti Suzuki India Limited on April 25, 2014 approved the financial results for the year 2013-14 and for the quarter ending March 2014.

The company sold a total of 1,155,041 vehicles during the fiscal 2013-14, a drop of 1.4 per cent over the previous year. Sales in the domestic market stood at 1,053,689 units, a growth of 0.3 per cent. Exports were at 101,352 units, a drop of 15.8 per cent.

The company’s cost reduction and localisation initiatives, together with favourable foreign exchange, helped improve profit margins despite tough economic conditions, said a company statement.

During the quarter January to March 2014, the company sold 324,870 vehicles. Domestic sales in the quarter were 298,596 units compared to 308,871 units in the same period of the previous year. Exports were at 26,274 units, a drop of 24.6 per cent.

The company’s net sales stood at Rs 11,818.1crore, a drop of 9.48pc over the same period last fiscal.

Net profit during the quarter stood at Rs 800.1 crore, a drop of 35.46 per cent.

Lower volumes, higher sales promotion expense and a stock compensation to dealers owing to reduction in excise duty (exceptional expense) impacted the company’s bottomline during the quarter.

In the fiscal 2012-13, Suzuki Powertrain India Limited was merged with Maruti Suzuki India Limited. Financials for quarter IV 2012-13 include full impact of the merger.

Source: Maruti Suzuki