Country’s largest car maker Maruti Suzuki on Friday posted 17% decline in net profit to ₹1,489.3 crore for quarter ended December 31 mainly to to weak market conditions.
The company had posted a net profit of ₹1,799 crore in the year-ago period.
The total income from operations stood at ₹19,668 crore, up 2% from ₹19,283 crore.
“The results of this quarter have to be viewed in the context of particularly weak market conditions,” the company said in a statement.
SIAM had forecasted a passenger vehicle domestic market growth of 8-10% for the year, however, the industry witnessed a growth of 4.4% in the first three quarters of the year (April-December 2018).
The company said the quarter was marked by “combination of several adverse factors”, including averse commodity prices, adverse foreign exchange rate, higher marketing & sales expenditure and higher costs in resources and capacities.
Maruti Suzuki said that it witnessed a growth of 7.2% in April-December period. In the third quarter under review, the saw a growth of 0.4% in unit wholesales.
Passenger vehicle exports from India also declined by 8.5% owing to weakness in global markets, protection in some markets and devaluation of most currencies with respect to the US Dollar, it added.
