Maruti Suzuki posts net profit of 10% in fourth quarter

Keys hang from the door of a Maruti Suzuki Swift car at its stockyard on the outskirts of Ahmedabad

Maruti Suzuki posted 10 percent rise in profit at Rs 1,882.10 crore for the March, way below the estimate of Rs 2,087 crore. The variable pay which we include every quarter used to be Rs 300 crore in the last quarter it went to Rs 400 crore.

Maruti Suzuki India's Chairman R.C. Bhargava told a press briefing here that a higher effective tax rate, along with adverse commodity prices and a hike in employee cost has hit the company's net profit in Q4.

"Lower non-operating income due to mark-to-market impact on the invested surplus, compared to past year also impacted the net profit".

Tax expenses jumped about 31 per cent to Rs 752 crore in the quarter. Analysts in an ETNow poll had predicted a profit of Rs 2,087 crore. This was mainly due to a one-off interest payment of Rs. 250.7 crore as part of enhanced compensation to landholders for company's freehold land at Manesar.

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Shares in Maruti Suzuki were down 2.0 percent by 0855 GMT, in a Mumbai market that advanced 0.7 percent. Net sales rose 14.4% to Rs. 20,594.3 crore.

The company has reported net sales of Rs.84086.9 crores during the 12 months period ended March 31, 2018 as compared to Rs.79606 crores during the 12 months period ended March 31, 2017.

"Operating income rose on account of higher sales volume, cost reduction efforts, partially offset by adverse commodity prices and higher advertisement expenses." the auto maker said in a release. The company has been absorbing the higher costs by cost reduction methods, gains from economies of scale and has raised prices marginally. In the fiscal the company sold a total of 1,779,574 units, up 13.4 percent compared to same period past year. "Our market share has gone up 2.7 per cent to 50 per cent in the passenger vehicle segment", Bhargava said.He added that the company was also able to post a double digit growth of 14.5 per cent during 2017-18.

Shares of the company wiped off their day's gains and plunged almost 2 per cent to Rs 8,785 shortly after the results announcement, while Sensex was up 249 points, or 0.72 per cent, at 34,926 around the same time.

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