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The country’s largest passenger carmaker, Maruti Suzuki India Ltd (MSIL), on Friday, reported an around 32 per cent decline in its consolidated net profit at ₹1,376.8 crore for the first quarter ended June 30, compared with ₹2,015.1 crore in the corresponding period last year.
The decline was on account of lower sales volumes and higher depreciation expenses, the company said in a statement.
Sales revenue fell 14 per cent to ₹18,738.8 crore, against ₹21,813.8 crore in Q1 FY18.
Depreciation and amortisation expenses stood at ₹919 crore (₹720.3 crore).
The company sold a total of 4,02,594 vehicles during the quarter, 18 per cent lower than the previous year period. Domestic sales fell 19 per cent to 3,74,481 units, while exports stood at 28,113 units, the company added.
A PTI report quoted MSIL’s CFO Ajay Seth as saying that during the first quarter, the company was also affected by the ongoing slowdown in the domestic automobile industry. It plans to completely shift to paying royalty to parent Suzuki Motor Corp in rupees instead of yen over the next three years.
MSIL shares were trading at ₹5,821 apiece on the BSE on Friday, up 1.05 per cent from the previous close.
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