Maruti Suzuki Q1 net falls over 20 per cent to Rs465 crore
24 July 2010
Maruti Suzuki India Limited, the country's largest car company, today reported a 20.25 per cent fall in its net profit in the April-June quarter of the current financial year, at Rs465.4 crore against Rs583.5 crore in the first quarter of the previous fiscal.
The company recorded 27 per cent growth in net sales at Rs8,050.7 crore during the first quarter of 2010-11 compared to the same period of the previous year.
Maruti attributed the drop in profit to higher commodity prices, increase in royalty and lower 'other income'. In addition, income from exports to Europe fell due to weakening of the Euro, it said.
During the quarter, Maruti Suzuki posted total sales of 283,324 units, representing 25 per cent growth. This included export of 40,437 units, which grew 38 per cent over the same period of the last fiscal.
The company's domestic sales volume grew 23 per cent to 242,887 units. Sales volume in domestic A2 segment grew 16.2 per cent during the quarter, while in the C segment, sales volume grew 50.8 per cent, aided by the success of Eeco.
The company's sales volume in the A3 segment grew 45.2 per cent, compared to sales in April-June 2009.