Maruti Suzuki on Tuesday reported a 12 per cent year-on-year (YOY) fall in the net profit to Rs 1,130 crore for the March quarter, ET Now reported. This is against Rs 1,284 crore profits the company reported in the corresponding quarter of last year.
This was the first first in two years, when the largest domestic carmaker reported a fall in net profit. The numbers were impacted largely by higher expenses and production loss due to civil unrest near its factory, but met analyst estimates. The company clocked a 15.27 per cent growth in net sales to Rs 15,300 crore, compared with Rs 13,273 crore in the year-ago quarter.
Margins for the March quarter at 15.3 per cent were less than 15.9 per cent clocked in the same quarter of last year. But they were higher than 14.9 per cent . "Material costs eased on cost reduction initiatives, favourable exchange rate," the company said.
Other income at Rs 121 was lower than Rs 320 crore in the year-ago quarter.
The company has declared a dividend of Rs 35 per share. The stock jumped 3 per cent in knee-jerk reaction to the results.
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