Maruti Q1 net dips 32% to Rs 1,377 crores

New Delhi: The country's largest carmaker Maruti Suzuki India (MSI) on Friday reported 31.67 per cent decline in consolidated net profit at Rs 1,376.8 crore for the first quarter ended June 30, on account of lower sales volume and higher depreciation expenses.

The company, which posted a net profit of Rs 2,015.1 crore in April-June period 2018-19, said in the next three years it will completely shift to paying royalty to parent Suzuki Motor Corp in rupees instead of yen.

It said revenue from sale of products during the first quarter this fiscal stood at Rs 18,738.8 crore as compared to Rs 21,813.8 crore earlier, down 14 per cent.

Depreciation and amortisation expenses during the first quarter stood at Rs 919 crore as compared with Rs 720.3 crore in the year-ago period.

The company sold a total of 4,02,594 vehicles during the quarter, lower by 17.9 per cent from the year-ago period. Sales in the domestic market stood at 3,74,481 units, down 19.3 per cent.

Exports were at 28,113 units. MSI CFO Ajay Seth said during the first quarter the company was also affected by the ongoing slowdown in the domestic automobile industry.