Maruti Suzuki today reported a net profit of ₹1,166 crore in the fourth quarter ended March 31, 2021, lower by 9.7% compared to the same period last year, partly attributed by the carmaker to lower non-operating income owing to mark-to-market loss on invested surplus.
During the quarter, the Maruti registered net sales of ₹2,295.86 crore, an increase of 33.6% compared to the same period previous year.
Maruti said that in the fourth quarter of the previous year (FY 2019-20) there was a significant decline in the sales volume largely owing to COVID-19 lockdown.
In the fourth quarter ended March 31, 2021, India’s biggest carmaker by volume sold a total of 492,235 vehicles during the fourth quarter of quarter, higher by 27.8% compared to the same period previous year. Sales in the domestic market stood at 456,707 units, growing by 26.7%. Exports were at 35,528 units, higher by 44.4%.
The operating profit for the quarter was at ₹1,250 crore, a growth of 72.8% over the same period previous year on account of higher sales volume and cost reduction efforts despite steep commodity price increase, the company said.
The company also attributed the improvement in operating performance to improved capacity utilization, lower sales promotion expenses and increase in selling prices and cost reduction efforts.
The company announced a dividend of ₹45 per share.
For the full year, Maruti Suzuki sold a total of 1,457,861 vehicles during the period, lower by 6.7% compared to the previous year and lower by 21.7% compared to FY 2018-19. The company’s performance for the full year FY 2020-21 is to be seen in the context of COVID-19 related disruptions, Maruti said.
In FY 2020-21, the sales in the domestic market stood at 1,361,722 units, lower by 6.8% and exports were at 96,139 units, lower by 5.9% compared to the previous year.
During the period, Maruti registered net sales of ₹6,656.21 crore, lower by 7.2% compared to that in the previous year.
Net Profit for the period stood at ₹4,2,29 crore, decreasing by 25.1% 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.