Automaker Maruti Suzuki posted a net profit of Rs 1,292 crore for the quarter ended March, down 28 per cent over the same period of previous year.
This was due to lower sales volume and higher sales promotion expenses which were partially offset by lower operating expenses, cost reduction efforts and reduction in corporate tax rate, the country’s largest passenger car manufacturer said in a statement.
In Q4 FY20, Maruti Suzuki clocked net sales of Rs 17,186 crore, lower by 17 per cent over the same period of previous year.
It sold a total of 3.85 lakh vehicles, marking a decline of 16 per cent. Domestic sales totalled 3.6 lakh vehicles while exports were at 24,597 units.
In the full financial year FY20, the net profit stood at Rs 5,651 crore, down by 24.7 per cent while net sales dipped by 13.7 per cent to Rs 71,690 crore.
The company sold a total of 15.6 lakh vehicles during the year, lower by 16 per cent over the same period previous year. Domestic sales totalled 14.6 lakh units, down by 16.7 per cent year-on-year while exports were at 1.02 lakh units.