India's car market leader Maruti Suzuki India Ltd. reported a surge in its stand-alone net profit for the fourth-quarter, helped by higher sales of new models, cost reduction and localization efforts and the benefit of a favorable exchange rate.
Stand-alone Results
The New Delhi-based company's fourth-quarter stand-alone net profit of Rs.1,239.62 crore or Rs.41.04 per share, compared with Rs.639.84 crore or Rs.22.15 per share reported in the year-ago quarter. Net profit and earnings for the quarter surged by 94 and 85 percent respectively.
Excluding the effect of the merger of Suzuki Powertrain India Ltd. (SPIL), net profit for the quarter stood at Rs.1,147.50 crore, an increase of around 80 percent over the comparable figure in the same period previous year, the company said.
Quarterly net income from operations increased by 14 percent to Rs.13,056.26 crore from the Rs.11,486.36 crore for the quarter ended March 31, 2012. Income from services and other operating income during the quarter totaled Rs.247.75 crore, compared with Rs.240.65 crore for the same period last year.
During the quarter, the company sold a total of 343,709 units, compared to 360,334 units in the same period previous year, reflecting a five percent drop.
For fiscal year, Maruti Suzuki's stand-alone net profit grew by 43 percent to Rs.2,392.13 crore from the Rs.1,635.14 crore a year-ago. Total income, including income from services and other operating income, was Rs.43,587.93 crore, compared with Rs.35,587.09 crore last year, reflecting a 22 percent growth.
Excluding the effect of the merger, net profit for the year was Rs.2,300 crore, an increase of around 41 percent over the comparable figure in the previous year, the company said.
Consolidated Results
For fiscal year, the company posted consolidated net profit of Rs.2,469.29 crore, higher by 47 percent than the Rs.1,681.09 crore in the previous year. Total income, including income from services and other operating income, was up by 23 percent at Rs.44,304.25 crore, compared with Rs.36,089.94 cores in 2012.
During the fiscal, the company had sold 1,171,434 units, up by three percent from the 1,133,695 units in the previous year. Domestic vehicle sales dropped by percent to 1,051,046 units from the 1,006,316 units last year, while exports sales stood at 120,388 units, compared with 127,379 units, reflecting a percent decline.
The company's board recommended a final dividend of 160 percent or Rs.8.00 per equity share of Rs.5 each for the fiscal year 2013.
The board also considered amalgamation of its seven wholly-owned subsidiary with the company. They are Maruti Insurance Business Agency Ltd., Maruti Insurance Agency Services Ltd., Maruti Insurance Distribution Services Ltd., Maruti Insurance Agency Logistics Ltd., Insurance Agency Solutions Ltd., Maruti Insurance Agency Network Ltd. and Insurance Broker Ltd.
At the BSE, Maruti Suzuki shares are currently trading at Rs.1,685, up 5.99 percent from the previous close.
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