Maruti Suzuki India (MSI),
India's largest carmaker, on Monday reported a 63.6 per cent decline in net profit for the third quarter ended December 31, 2011, at Rs 205.62 crore, as high interest rates and rising fuel costs
hit demand for cars.
The company had earned a net profit of Rs 565.17 crore in the corresponding quarter of 2010-11.
Total income also decreased 16.43 per cent at Rs 8,042.77 crore from Rs 9,624.64 crore in the corresponding quarter of the last year.
"Unit
sales in the quarter were impacted by sluggish market conditions caused by higher fuel prices and interest rates. Additionally, the company lost 40,000 units in production due to industrial relations problem at Manesar," the company said in a statement.
"The depreciation of the rupee during the quarter adversely impacted the bottom line through higher cost of imports for the company and its vendors and royalty."
Maruti Suzuki sold 2,11,803 units in the domestic market against 2,99,527 vehicles in the like period of 2010-11. The company exported 27,725 units as against 31,160.
The company reported a fall of 38.9 per cent in its net profit for the nine months ended December 31, 2011, at Rs 995.30 crore from Rs 1,628.78 crore in the corresponding period of last financial year.
The auto major's net sales declined by 10.4 per cent at Rs 23,521 crore from Rs 26,264.50 crore in the like period of 2010-11.
"During this period, the company sold 6,84,892 units in the domestic market as compared to 820,350 units during the same period in the last year. In exports, the company sold 88,469 units," the statement added.
Reacting to the numbers, MSI
shares fell 1.24 per cent to Rs 1,085.50 per scrip on the Bombay Stock Exchange.
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