Maruti Suzuki India Ltd reported a 17.2 percent drop in the third quarter net profit for the financial year 2018-19 at Rs 1,489.30 crore from Rs 1,799 crore in the same period last year. The country's biggest carmaker posted a fall despite a marginal change in revenue from sales.
Its total revenue was up by 0.71 percent to Rs 19,668.30 crore in the quarter under review when compared to Rs 19,528.10 crore in December 2017. The company sold 4,28,643 vehicles between October and December 2018, which is 0.6 percent lower than the sales in the corresponding quarter. Net sales fell by 0.10 percent to Rs 18,926.40 crore during the December-ended quarter on a year-on-year basis.
Worsened commodity prices, increased selling expense, weakened rupee and higher depreciation expense from the introduction of new models and new engine pressurized the company's finances in the third quarter. Exports of passenger vehicles also dropped 8.5 percent from weakness in the global markets and devaluation of many currencies as against the US dollar, the company said.
Share price of Maruti Suzuki fell sharply by over 8 percent at market closing to Rs 6,469.90 apiece. Meanwhile, BSE's Sensex closed lower 0.47 percent lower at 36,025.54 points.