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Thread: Maruti Suzuki profit dips 28%
04-28-2012, 10:24 PM #1
Maruti Suzuki profit dips 28%Hit by high commodity prices, sluggish sales and labour issues, car maker Maruti Suzuki India, on Saturday, reported 28.55 per cent decline in its net profit at Rs. 1,635.1 crore for the year ended March 31, 2012, the steepest decline in three years.
The company had posted a net profit of Rs. 2,288.7 crore in the previous financial year.
Commenting on the results, Maruti Suzuki India Managing Director and CEO Shinzo Nakanishi told reporters here that 2011-12 was a very challenging year for the auto industry. High inflation and interest rates along with high petrol prices impacted sales.
The small car segment was particularly hit as the customers are very cost sensitive, Mr. Nakanishi added.
He said the company suffered majorly due to its inability to supply more diesel cars and the market has shifted away from petrol cars, which is the main stay of Maruti Suzuki....being a human...