Maruti Suzuki India on Friday posted a 35.46 per cent decline in net profit to Rs. 800.05 crore in the fourth quarter ended March 31.

For the full financial year 2013-14, it registered its highest annual net profit.

The company had reported a profit of Rs. 1,239.62 crore in the fourth quarter of the previous financial year.

Net sales in the quarter declined 9.48 per cent to Rs. 11,818.13 crore from Rs. 13,056.26 crore a year earlier, Maruti Suzuki India said in a statement.

“The lowering of profit in the fourth quarter was partly due to dealer compensation due to excise duty cut,” Maruti Suzuki India Chairman R.C. Bhargava told reporters in Delhi.

Sales volumes dropped 5.48 per cent to 3,24,870 vehicles during the quarter.

However, the company’s consolidated net profit for the financial year ended March 31 rose 15.53 per cent to Rs. 2,852.92 crore.

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