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Maruti Suzuki's second quarter net profit down 5.41 percent

Posted on Oct 30, 09:28PM | IANS

Maruti Suzuki Tuesday reported a 5.41 percent decline in net profit in the second quarter of fiscal 2012-13 at Rs.227.45 crore -- the fifth such fall in as many months.

The company had reported a net profit of Rs.240.45 crore for the quarter ended Sep 30, 2011.

The total income grew 7.85 percent in the quarter under review and stood at Rs.8,461.75 crore from Rs.7,845.70 crore for the quarter ended Sep 30, 2011.

The company's domestic sales during the period declined 5.9 percent at 2,09,954 units from 2,22,406 units sold during the like quarter of 2011-12.

Exports fell 32 percent at 20,422 units from 29,901 units shipped out during second quarter of last fiscal.

However, net sales for the quarter under review grew 8.5 percent to Rs.8,070 crore from Rs.7,436 crore in the corresponding period of last fiscal.

"The market showed a marked preference for diesel cars, while demand for petrol cars dropped sharply. Despite scaling up production for diesel cars, the company had a wait list of 1.25 lakh diesel car customers during the quarter," the company said in a statement.

it said the bottom line had been impacted by lower non-operating income during the quarter. "While EBITDA (earnings before interest, taxes, depreciation and amortization) has grown 15.4 percent over the second quarter of last year, 30.4 percent higher depreciation resulted into reduced profits."