India’s leading auto maker Maruti Suzuki India Limited will pay record dividend for the year through March to Rs 75 per share of face value Rs 5 which is more than double of Rs 35 a year earlier.
Announcing the financial results of the company, R C Bhargava, Chairman, Maruti India Limited, said at a press conference that Company’s dividend policy has been modified to be as much as 40 per cent of profit, compared with an earlier cap of 30 per cent.
This record dividend has been announced after the Company posted its highest-ever net income, buoyed by the sale of more expensive models.
The Board of Directors of Maruti Suzuki India Limited today approved the financial results for the period Jan-Mar 2017 (Quarter 4) and April-March 2016-17 (full year).
According to the announced financial results, the Company sold 414,439 vehicles in Q4, a growth of 15.0 per cent over same period previous year. Of this, exports were at 31,771 units.
The Company’s net sales stood at Rs 180 05.20 crores, a growth of 20.3 per cent over the same period previous year. Net profit in Q4 stood at Rs. 17,09 crores, a growth of 15.8 per cent compared to the same period previous year.
Growth in volumes, increase in share of the Company’s higher segment models, benefits due to full capacity utilization and cost reduction efforts contributed to increase in profits. This was partially offset by increase in commodity prices and adverse forex movement.
The Company sold 1,568,603 vehicles in 2016-17 a growth of 9.8 per cent. Of this, exports were at 124,062 units. The Company reported net sales of Rs. 669,094 million in Apr-Mar 2016-17, a growth of 18.5 per cent over the same period last year.
Net profit stood at Rs. 73,377 million, up 36.8 per cent.
Growth in volumes, Increase in share of the Company’s higher segment models, benefits due to full capacity utilization, higher non-operating income and several initiatives for cost reduction contributed to increase in profit. At the same time, increase in commodity prices and adverse forex movement partially impacted the annual financial performance.
