"From April 1, 2020 we will not be selling diesel cars," MSI Chairman RC Bhargava told reporters here.
The country's largest carmaker Maruti Suzuki India (MSI) Thursday said it will phase out all diesel cars from its portfolio with effect from April 1, 2020.
"From April 1, 2020 we will not be selling diesel cars," MSI Chairman RC Bhargava told reporters here.
The company currently sells a range of diesel vehicles. Around 23 percent of all units sold by the company in the domestic market currently are diesel cars.
The company announced Q4 business data, showing a drop in its net profit due to adverse foreign exchange rates and commodity prices. Maruti Suzuki's net profit during the fourth quarter ended March 31 by 4.6 percent to Rs 1,796 crore in the year-on period.
Higher depreciation and higher sales promotion expenses also weighed heavy on the balance sheet with net sales of Rs 20,737 crore, up by 0.7 percent over the same period of the previous year.
Total sales slipped by 0.7 percent at 458,479 vehicles. The country largest passenger car manufacturer sold 428,863 units in domestic market, including 421,383 units in the passenger vehicle segment and 7,480 units of light commercial vehicles.
Exports were at 29,616 units, according to an official statement. The board of directors recommended a dividend of Rs 80 per share of face value of Rs 5 for 2018-19, the same as that of last year.
In the entire fiscal year 2018-19, net sales stood at Rs 83,027 crore, marking a growth of 6.3 percent over the same period of the previous year.
Net profit for the year stood at Rs 7,501 crore, lower by 2.9 percent compared to the same period of the previous year.
"This was a difficult year because of adverse foreign exchange rates and increase in commodity prices. The second Suzuki Motor Gujarat plant was commissioned, leading to a higher depreciation expense," the company said.
"The overall market was slow and had to be supported by higher sales promotion expenses," it added.
Maruti Suzuki sold a total of 1,753,700 units in the domestic market, marking a growth of 6.1 percent. This comprised of 1,729,826 units in the passenger vehicle segment and 23,874 units of light commercial vehicles.
A total of 108,749 units were exported.
(With inputs from ANI & PTI)
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