Net Profit up 10.8 per cent in 2007-08

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    Net Profit up 10.8 per cent in 2007-08

    Apr 24, 2008
      Net Profit up 10.8 per cent in 2007-08
    New Delhi, April 24, 2008
     

    Car market leader Maruti Suzuki India Limited today announced its financial results for the quarter ending March 31, 2008 and for the full year 2007-08.

    Fiscal 2007-08

    The company's Total Income (Net of Excise) for the year 2007-08 climbed to Rs 188,238 million. This is the highest Total Income (Net of Excise) ever in the company's history, and marks a growth of 23.4 per cent over 2006-07.
    Net Profit during the year stood at Rs 17,308 million, up 10.8 per cent over 2006-07. This is despite a more stringent depreciation policy adopted voluntarily by the company with effect from 1st April 2007.

    The company's EBDITA for the year stood at Rs 31,308 million, a growth of about 21 per cent over the previous year.

    Dividend

    The Board of Directors recommended a dividend of 100 per cent for 2007-08. (Fiscal 2006-07: 90 per cent).

    Quarter 4

    The company registered Total Income (Net of Excise) of Rs 50,699 million during January-March 2008, a growth of 9.4 per cent compared to January-March 2007.

    The growth in Total Income (Net of Excise) included higher realisations, largely contributed by the company's popular hatch-back Swift (both Diesel and Petrol variants) and premium sedan, SX4.

    Net profit during January-March 2008 was Rs 2,977 million. Net profit during January-March 2007 was Rs 4,486 million. However, the two figures are not comparable owing to a more stringent depreciation policy adopted voluntarily by the company from 2007-08.

    New Depreciation Policy

    For a tighter and more prudent financial reporting, the company has voluntarily adopted shorter depreciation cycles for its equipment and tooling assets. The full depreciation for equipment and tooling assets will now be 8 years instead of 13 years previously. The full depreciation for dies will be 4 years instead of 5 years, earlier.

    In line with this accounting revision, the company has made an additional provision of Rs 2,123 million for Depreciation for the full year 2007-08, impacting the profit figures for the quarter as well.

    Highlights of 2007-08

    During the fiscal 2007-08, Maruti Suzuki sold 764,842 vehicles in 2007-08, the highest ever in the history of the company. This marked a growth of 13.3 per cent over the previous year.

    The company's sales included exports of 53,024 vehicles during 2007-08, the highest ever in the company's history. Exports grew by 34.9 per cent during the year.

    While strengthening its leadership in the A2 segment, Maruti Suzuki also attained leadership in the A3 segment for the year 2007-08. The company sold 49,335 cars in the A3 segment, a whopping growth of 66 per cent over the previous year.

    Following are some of the other performance highlights of 2007-08, the best year ever for the company so far:

      Concept A-Star, created by a team of designers from Maruti Suzuki and Suzuki Motor Corporation,
        was unveiled to the world at Auto Expo, New Delhi.
      The number of Maruti Driving Schools across the country more than doubled to 34.
      Alto strengthened its position as India's top selling car, clocking volumes of 227,173 during the year.
      Maruti Suzuki was rated first in customer satisfaction for the eight year in a row in the annual survey
        conducted by J D Power Asia Pacific.
      In line with its ambitious export plan for the medium term, Maruti Suzuki tied up with the Adani Group
        for a mega car terminal at Mundra Port to be operational by October 2008.
      The company launched SX4, Grand Vitara and DZire during the year, making it seven new models in
        three years.
      Among the accolades was the Nikkei "Monozukuri" Award for the Manesar Plant facility for its
        technological advance and quality control, the World Environment Foundation's Golden Peacock
        Award for excellence in environment management, performance and quality awards for products and
        several Manufacturer of the Year awards instituted by automobile expert groups and media houses.
      Some more highlights:
     

    Particulars

     

    2007-08

    2006-07

    Sales Outlets Nos. 429 387
    Cities Covered by Sales Outlets Nos. 238 222
    Service Centers Nos. 2,628 2,423
    Cities Covered by Service Centers Nos. 1,220 1,172
    Spare Parts Distributors Nos. 55 30
    True Value Outlets Nos. 265 223