Maruti Suzuki Q4 net dips 6% to Rs 1,241 crore

The country's largest carmaker Maruti Suzuki India (MSI) on Tuesday reported 6.14 per cent decline in consolidated net profit at Rs 1,241.1 crore for the fourth quarter ended March 31, 2021.

The auto major had posted a net profit of Rs 1,322.3 crore in January-March quarter of 2019-20, MSI said in a regulatory filing.

However, revenue from sale of products stood at Rs 22,959.8 crore as compared with Rs 17,187.3 crore earlier, up 33.58 per cent.

The company said it sold a total of 4,92,235 vehicles during the fourth quarter, higher by 27.8 per cent as compared to the same period previous year.

Sales in the domestic market stood at 4,56,707 units, up by 26.7 per cent. Exports were at 35,528 units.

On a standalone basis, the auto major said it reported net profit of Rs 1,166.1 crore, down 9.7 per cent from same period of previous fiscal, due to “lower non-operating income owing to mark-to-market loss on invested surplus”.

Net sales stood at Rs 22,958.6 crore on standalone basis, an increase of 33.6 per cent compared to the same period previous year, it added.

For the year 2020-21 fiscal, the company reported a 22.69 per cent decline in its consolidated net profit at Rs 4,389.1 crore, as compared with Rs 5,677.6 crore in 2019-20.

Consolidated revenue from sale of products declined to Rs 66,571.8 crore, as against Rs 71,704.8 crore in FY20, it added.

On a standalone basis, the net profit for the last fiscal stood at Rs 4,229.7 crore, down by 25.1 per cent as compared with the 2019-20 financial year.

The company said that profit last fiscal was impacted 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 last fiscal, the company said it sold a total of 14,57,861 vehicles, down 6.7 per cent as compared with FY20 and lower by 21.7 per cent as compared to FY19.

In 2020-21, the company's sales in the domestic market stood at 13,61,722 units, down 6.8 per cent and exports were at 96,139 units, lower by 5.9 per cent as compared to the previous year, it added.

The automaker further stated that in line with the financial performance of the year and considering the uncertain business environment, the company's board recommended a dividend of Rs 45 per share (face value of Rs 5 per share) for FY 2020-21.

MSI shares ended 1.24 per cent down at Rs 6,558.20 apiece on the BSE.

Photograph: Kind courtesy, Maruti Suzuki