Country’s largest passenger car manufacturer Maruti Suzuki India (MSIL) has reported a net profit of ₹1,166 crore for the fourth quarter ended March 31, lower by around 10 per cent against ₹1,292 crore in the corresponding period last year. The company said the lower income was owing to mark-to-market loss on invested surplus.

However, net sales of the company grew by 33.6 per cent year-on-year (YoY) ₹22,958 crore during the quarter as against ₹17,185 crore in January-March quarter last year. The operating profit for the quarter was at ₹1,250 crore, a growth of 73 per cent over the same period previous year on account of higher sales volume and cost reduction efforts despite steep commodity price increase, the company said in a statement.

The company also said in line with the financial performance of the year and considering uncertain business environment, the Board of Directors recommended a dividend of ₹45 per share (face value of ₹5 per share) for fiscal year (FY) 2020-21.

The Company sold a total of 4,92,235 vehicles during the quarter, higher by 28 per cent compared to the same period previous year. Sales in the domestic market stood at 4,56,707 units, growing by 27 per cent. Exports were at 35,528 units, higher by 44.4 per cent, MSIL said.

“It may be recalled that in the fourth quarter (FY 2019-20) of the previous year there was a significant decline in the sales volume largely owing to Covid-19 lockdown,” it said.

For the full year, net profit for the period stood at ₹4,229 crore, decreasing by 25 per cent compared to that in the previous year 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 period, the company registered net sales of ₹66,562 crore, lower by 7.2 per cent compared to that in the previous year.

“The company’s performance for the full year 2020-21 is to be seen in the context of Covid-19 related disruptions,” it said.

MSIL sold a total of 14,57,861 vehicles during the period, lower by 6.7 per cent compared to the FY and lower by 21.7 per cent compared to FY 2018-19. In FY 2020-21, the sales in the domestic market stood at 13,61,722 units, lower by 6.8 per cent and exports were at 96,139 units, lower by 6 per cent compared to the previous year.

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