Maruti Suzuki Q4 net profit up 16% to Rs 1,709 crore

Country's largest carmaker Maruti Suzuki India on Thursday reported 15.8% rise in net profit to Rs 1,709 crore for the fourth quarter of last fiscal ended March 31.

The company had posted net profit of Rs 1,476.2 crore in the January-March period of previous fiscal, 2015-16, MSI said in a statement.

"Growth in volumes, increase in share of the company's higher segment models, benefits due to full capacity utilisation and cost reduction efforts contributed to increase in profits," MSI said.

Net sales during the fourth quarter of 2016-17 rose to Rs 18,005.2 crore, up 20.3% against the year-ago period. Car sales were up 15% to 4,14,439 units, the company said, adding that the exports were at 31,771 units.

For entire 2016-17, MSI posted net profit of Rs 7,511 crore, up 36.6%, from Rs 5,497.2 crore in the previous fiscal. Net sales last fiscal stood at Rs 66,909.4 crore, up 18.5% from 2015-16.

The company said its board has recommended a dividend of Rs 75 per share of face value Rs 5 for 2016-17. Dividend for 2015-16 stood at Rs 35 per share of face value of Rs 5 each. MSI stock was trading 0.12% up at Rs 6,415 in the afternoon on BSE.