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Maruti Suzuki’s net profit drops by 25% in FY 2020-21

Sales in the domestic market stood at 456,707 units, growing by 26.7 per cent. Exports were at 35,528 units, higher by 44.4 per cent.

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New Delhi: India’s largest car manufacturer, Maruti Suzuki, on Tuesday said its net profit for the financial year 2020-21 has decreased by 25.1 per cent.
“Net Profit for the period stood at INR 42,297 million, decreasing by 25.1 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,” the carmaker said.
The Company sold a total of 4,92,235 vehicles during the 4th Quarter (January 2021-March 2021), higher by 27.8 per cent compared to the same period previous year.
Sales in the domestic market stood at 456,707 units, growing by 26.7 per cent. Exports were at 35,528 units, higher by 44.4 per cent.
It may be recalled that in Quarter 4 (FY 2019-20) of the previous year there was a significant decline in the sales volume largely owing to COVID-19 lockdown.
During the Quarter, the Company registered Net Sales of Rs 2,29,586 million, an increase of 33.6 per cent compared to the same period the previous year.
The operating profit for the quarter was at Rs 12,501 million, a growth of 72.8 per cent over the same period the previous year on account of higher sales volume and cost reduction efforts despite the steep commodity price increase. Net profit for the quarter stood at INR 11,661 million, lower by 9.7% compared to the same period last year owing to the above factors and lower non-operating income owing to mark-to-market loss on invested surplus.
The Company’s performance for the full year FY 2020-21 is to be seen in the context of COVID-19 related disruptions.
The Company sold a total of 1,457,861 vehicles during the period, lower by 6.7 per cent compared to the previous year and lower by 21.7 per cent compared to FY 2018-19.
In FY 2020-21, the sales in the domestic market stood at 1,361,722 units, lower by 6.8 per cent and exports were at 96,139 units, lower by 5.9 per cent compared to the previous year.
During the period, the Company registered Net Sales of Rs 6,65,621 million, lower by 7.2 per cent compared to that in the previous year.
In line with the financial performance of the year and considering uncertain business environment, the Board of Directors recommended a dividend of Rs 45 per share (face value of Rs 5 per share) for FY 2020-21.

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