Maruti FY11 net down 8.4%
Reports 0.5% increase in net profit in fourth quarter.
Despite registering record sales of 1.27 million units, Maruti Suzuki India Limited (MSIL), the country’s largest car manufacturer, on Monday reported a decline of 8.4 per cent in net profit at Rs 2,288.6 crore for the financial year 2010-11 on account of increased input costs, adverse foreign currency movements and new car launches.
Maruti Suzuki India Ltd (MSIL) on Monday reported a drop of 8.4 per cent in its profit for 2010-11 at Rs.2,288.60 crore compared to 2009-10, while its total income (net of excise) stood at Rs.37,522.40 crore, a growth of 24.6 per cent. MSIL's board of directors has recommended a dividend of Rs.7.50 per share of the face value of Rs. 5, while in 2009-10, it was Rs.6 per share.
The company's profit was impacted by adverse currency movement, particularly on exports, higher commodity prices and new model launches, MSIL said in a statement. In 2010-11, MSIL sold over 12.71-lakh vehicles, a growth of 24.8 per cent, while exports stood at over 1.38-lakh units, 43 per cent of which were to European countries.
Sell Maruti may futures at or below 1330 sl 1345 closing basis
Targets 1292 1264 1251
positional may target 1155