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Maruti sees first dip in profits in 8 yrs, FY'09 net down 31pc
New Delhi, Apr 24 (PTI) For the first time in eight years, country's largest carmaker Maruti Suzuki India today reported a dip in net profit for the last fiscal due to foreign exchange losses, high commodity prices and sluggish sales.
The company reported consolidated net profit of Rs 1,227.45 crore for the fiscal 2008-09 against Rs 1,789.87 crore in 2007-08, down 31.42 per cent.
The decline in net profit is the first since 2000-01, when MSI recorded a loss of Rs 269 crore.
For Q4 FY'09, MSI's net profit fell by 18.33 per cent to Rs 243.13 crore compared to Rs 297.68 crore in Q4 FY'08.
The carmaker said it will pay dividend of 70 per cent for 2008-09 which will entail an outgo of Rs 118 crore.
Explaining the reasons for the decline in net profit, MSI Managing Director Shinzo Nakanishi said impacts of lack of retail financing, increased commodity prices and foreign exchange fluctuations were major.
He said FY'10 looked uncertain and "we would approach it with lot of flexibility" and if the market becomes negative "we may even have to consider some harsh measures." MSI will invest Rs 1,800 crore this fiscal in various activities, including new model launches, R&D and plant upgradation, which will mark the completion of the company's planned investment of Rs 9,000 crore announced two years back. PTI
.
.
Maruti sees first dip in profits in 8 yrs, FY'09 net down 31pc
New Delhi, Apr 24 (PTI) For the first time in eight years, country's largest carmaker Maruti Suzuki India today reported a dip in net profit for the last fiscal due to foreign exchange losses, high commodity prices and sluggish sales.
The company reported consolidated net profit of Rs 1,227.45 crore for the fiscal 2008-09 against Rs 1,789.87 crore in 2007-08, down 31.42 per cent.
The decline in net profit is the first since 2000-01, when MSI recorded a loss of Rs 269 crore.
For Q4 FY'09, MSI's net profit fell by 18.33 per cent to Rs 243.13 crore compared to Rs 297.68 crore in Q4 FY'08.
The carmaker said it will pay dividend of 70 per cent for 2008-09 which will entail an outgo of Rs 118 crore.
Explaining the reasons for the decline in net profit, MSI Managing Director Shinzo Nakanishi said impacts of lack of retail financing, increased commodity prices and foreign exchange fluctuations were major.
He said FY'10 looked uncertain and "we would approach it with lot of flexibility" and if the market becomes negative "we may even have to consider some harsh measures." MSI will invest Rs 1,800 crore this fiscal in various activities, including new model launches, R&D and plant upgradation, which will mark the completion of the company's planned investment of Rs 9,000 crore announced two years back. PTI
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