Maruti Suzuki net down 22%; weighed by rupee depreciation

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Maruti Suzuki net down 22%; weighed by rupee depreciation
Maruti Suzuki India: Quotes, News
BSE 5871.95BSE Quote90 (1.53%)
NSE 5869.10NSE Quote87.65 (1.49%)
Maruti Suzuki, India's biggest carmaker, posted 22% dip in net profit in the first quarter of FY13 due to a sharp depreciation in rupee against the US dollar and notably the Yen-rupee exchange rate, which impacted profits negatively.

The company's net sales were up 28% and stood at Rs 10,529 crore. The growth in Net Sales was on account of higher total volumes, favourable product mix and enhanced exports realizations.

However, market demand continued to be skewed in favour of diesel cars while petrol cars suffered a sharp de-growth during the quarter, the company said.

Maruti Suzuki's quarterly sales volumes were up just 5.1% to 2,95,896 units. While, domestic sales rose 5% to 2,63,264 units, exports were up 5.8% to 32,632 units last quarter.

The company is facing labour unrest since few days, which is affecting the sales of cars and there is a likelihood that investors may lose faith in the management of the company to solve labour disputes.

Shares of the company were seen trading at Rs 1,093 lower by 1.52% at 9.45 am IST.

Read more about: maruti suzuki, rupee, dollar
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