Mumbai, May 13: Car major Maruti Suzuki India Ltd on Wednesday reported a 28 per cent decline in its net profit for quarter ending March at Rs 1,291.7 crore, compared to Rs 1795.6 crore last year.
Total revenue of the company under review declined by 15.19 per cent to Rs 18,198.7 crore, compared with Rs 21,459.4 crore for the quarter. Lower sales volume and higher sales promotion expenses dragged net profit in March quarter, according to Maruti Suzuki. However, this was partially offset by lower operating expenses, cost reduction efforts and reduction in corporate tax rate.
The company sold 3.6 lakh vehicles in the domestic market in Q4, down 16 per cent again from the same period last year. The board recommended a dividend of Rs 60 per share for the financial year ended March 31. (UNI)