The financial results of Maruti Suzuki India Ltd report an 8.2% fall in its profit (compared to the previous year) for the financial year 2010-11; the profits amount to Rs.2288.6 Crore.
Ajay Seth, Chief Fiancial Officer of MSIL, said: "There was a significant increase in commodity prices and foreign exchange fluctuation. The impact due to foreign exchange fluctuation is one per cent of net sales. Apart from that there were lot of new model launches, which also had cost impat."
Maruti Suzuki's royalty payments to the parent company Suzuki Motor Corporation, Japan, increased from Rs.1063 crore in 2009-10 to Rs.1981 crore in 2010-11, an increase of 86%.
The Company's Board of Directors has recommended a dividend of Rs.7.50 per share (the face value of each share being Rs.5/-); despite the report drop in profits this year, the proposed dividend is actually more than the dividend (Rs.6/-) during the previous year.
In the year 2010-11, Maruti Suzuki India Ltd sold more than 12.7 lakh vehicles; it represents a growth of nearly 25% over the previous year. The company exported more than 1.38 lakh units worldwide; a good 47% of the exports were to Europe.
Mr.Shinzo Nakanishi, Managing Director, Maruti Suzuki India Ltd, said: "It was landmark year for the company as we crossed the one-million units mark in the domestic market. The year also saw the company recording its highest-ever total sales."
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