Maruti Suzuki profits down 32% in April-December 2008

Maruti Suzuki India Ltd. (MSI) has announced its financial results for the period April-December 2008, during which the company registered a total income from operations (net of excise) of Rs 144,196.2 million, a growth of 7.35% over the year-ago period. Net profit after tax stood at Rs 9,755.4 million, down 31.93% over April-December 2007.

Between October-December 2008, Maruti registered a total income from operations (net of excise) of Rs 46,258.1 million, a decline of of 2.81% compared to the year-ago period. Net profit during the quarter stood at Rs 2,135.7 million, down 54.27% October-December 2007.

The reduction in net profit was mainly due to lower volumes, a rise in material costs and adverse impact of currency changes in the fiscal. In addition, a higher provision for depreciation, owing to more stringent depreciation norms adopted by the company in March 2008, brought about a reduction in the net profit figure.

Maruti’s sales during the period April-December 2008, at 555,529 vehicles (including 44,870 units of exports) were down by 1.26% over the year-ago period. A growth in sales volumes during the period in A3 segment (52,700 units, up by 42.81%) and MUV segment (5,374 units, up by 92.48%) helped.

During the quarter October-December 2008, the company’s sales were 173,494 units, a drop of 14% over the year-ago period. During December 2008, the company achieved a record retail sale of over 76,700 units. This was the highest ever monthly retail sales in the company’s history.

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