India's biggest carmaker Maruti Suzuki on Thursday reported net profit Rs 1,709 crore on sales of Rs 20,423 crore in quarter ended March 2017. Maruti Suzuki's net profit rose 15.77 per cent on a year-on-year basis from Rs 1,476.20 crore during the same quarter last year. Analysts polled by NDTV Profit expected the company to report net profit of Rs 1,769 crore on sales of Rs 18,439 crore.
Maruti Suzuki's sales in fourth quarter rose 20 per cent from Rs 16,958.4 crore during the same period last year.
During the quarter, Maruti Suzuki sold 4,14,439 vehicles, a growth of 15 per cent over the same period previous year. Out of the total sales, 31,771 vehicles were exported, Maruti Suzuki said in a press release.
For the financial year 2016-17, Maruti Suzuki's net profit rose 36.78 per cent to Rs 7,337.70 crore compared with Rs 5,364.30 crore in financial year 2015-16.
In the financial year 2016-17 Maruti Suzuki sold over 15 lakh vehicles of which 1,24,062 were exported, the carmaker added in the press release.
Meanwhile, Maruti Suzuki has announced a dividend of Rs 75 per share for face value of Rs 5 for financial year 2016-17. In FY2015-16 the company had paid a dividend of Rs 35 per share.
"Growth in volumes, increase in share of the country's higher segment models, benefits due to full capacity utilization, higher non-operating income and several initiatives for cost reduction contributed to increase in profit. At the same time, increase in commodity prices and adverse forex movement partially impacted the annual performance," Maruti Suzuki said in the press release.
As of 2:05 pm, Maruti Suzuki shares were trading on a flat note, up 0.2 per cent at Rs 6,421.65 apiece.
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