Maruti Suzuki quarterly net profit declines 59.81 percentOctober 29th, 2011 - 5:37 pm ICT by IANS
New Delhi, Oct 29 (IANS) Automobile giant Maruti Suzuki Saturday reported a decline of 59.81 percent in its net profit for the quarter ended Sep 30 due to the prolonged labour unrest and strike by workers at its Manesar facility during the period.
The company posted a net profit of Rs.240.44 crore for the quarter ended Sep 30 as compared to Rs.598.24 crore during the like period of the previous financial year, the company said in a regulatory filing to the Bombay Stock Exchange (BSE).
The total income during the quarter under review stood at Rs.7,949.36 crore, down 14.36 percent from Rs.9,282.3 crore in the like period of last fiscal.
According to the company during the quarter, the domestic auto industry remained sluggish on account of increase in fuel prices and hardening interest rates, leading to higher sales promotion expense.
The company’s bottom line was also impacted due to adverse foreign exchange rates.
The company sold a total of 2,52,307 units, a decline of 19.6 percent over 3,13,654 units during the same period last year.
The company’s domestic sales were dented the hardest in the volume-driven A2 segment — which includes cars like Alto, WagonR, Zen, Swift, Ritz, and A-Star — where sales declined by 23.5 percent at 1,52,260 units. Compared to the sales in July-September quarter, 2010, sales in A3 segment — SX4, D’zire — dropped by 21.3 percent to 24,680 units.
The company added that it has decided to buy land in Gujarat, where it plans to set up a new production facility.
“The board granted approval to purchase land in district Mehsana, Gujarat, for future expansion of manufacturing facilities,” the regulatory filing said.
At the Bombay Stock Exchange, the shares of the company were 1.99 percent down to trade at Rs.1,128 Friday, the last trading day of the week.
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Tags: a3, bombay stock exchange, crore, domestic auto industry, foreign exchange rates, fuel prices, gujarat, labour unrest, manesar facility, manufacturing facilities, maruti suzuki, mehsana, net profit, New Delhi, prolonged labour, ritz, rs 1, sales promotion, wagonr, zire