Chennai: The country's largest car manufacturer closed the FY 2006 with a turnover of Rs12,481 crore, and a net profit of Rs1,189 crore, registering a growth of 10 per cent and 39.29 per cent respectively over the previous year. The board has recommended a dividend of 70 per cent for FY 2006 an increase of 30 per cent over the previous year.
During the last quarter, the company incurred a one-time expense of Rs34.9 crore to support dealers following the reduction in excise duty on small cars in the Union Budget. The compensation was made against the stock of cars held by the dealers on the day of the Budget announcements.
The board also approved the purchase of the Suzuki Motor Corporation's 12 lakh shares in Maruti Suzuki Automobile India Limited for Rs100 per share, the scrip's par value. The total consideration works out to Rs12 crore.
The company also announced that a new export model would be launched during 2008-09. This model, while serving the Indian market, would be for export mainly to Europe. The company will target to export 1 lakh units of this model annually.
During the year under review, Maurti Udyog sold 561,819 cars as against 5,36,301 cars during FY 2005. However car exports during the year came down 34,781 units from 48,899 units.