Q4 net profit dips 4.6%

New Delhi: The country's largest carmaker Maruti Suzuki India (MSI) on Thursday reported a 4.6 per cent decline in net profit to Rs 1,795.6 crore for the last quarter of 2018-19, hit by adverse foreign exchange rates, high commodity prices and rise in sales promotion expenses.

The company had posted a net profit of Rs 1,882.1 crore in the January-March period of 2017-18. Net sales during the fourth quarter rose to Rs 20,737.5 crore, up marginally over the year-ago period.

Total car sales, however, declined marginally to 4,58,479 units during the quarter under review.

For the entire 2018-19 fiscal, MSI posted a net profit of Rs 7,500.6 crore, down 2.9 per cent from the previous fiscal. Net sales rose by 6.3 per cent to Rs 83,026.5 crore in 2018-19.

Total car sales during 2018-19 were up 4.7 per cent to 18,62,449 units. The auto major, which has a market share of over 50 per cent in the domestic passenger vehicle segment, Thursday announced to phase out diesel cars from its portfolio from April next year.

It also announced to discontinue diesel version of its light commercial vehicle Super Carry from the same period. Besides, the cash rich company said it has earmarked a capex of Rs 4,500 crore this fiscal for new product development, R&D and land acquisition for sales network.