Maruti Suzuki India rose 3.81% to Rs 3,877.05 at 14:25 IST on BSE after the company announced that net profit rose 23.2% to Rs 4571.40 crore on 15.9% rise in net sales to Rs 56350.40 crore in the year ended 31 March 2016 (FY 2016) over FY 2015.
Higher volumes aided by successful new model launches and network expansion, lower raw material cost and cost reduction initiatives led to growth in profits in FY 2016. The result was announced during market hours today, 26 April 2016.Meanwhile, the S&P BSE Sensex was up 322.99 points or 1.26% at 26,001.92.
More than normal volumes were witnessed on the counter. On BSE, so far 2.6 lakh shares were traded in the counter as against average daily volume of 96,516 shares in the past one quarter. The stock hit a high of Rs 3,891.25 and a low of Rs 3,691 so far during the day. The stock had hit a record high of Rs 4,789 on 23 November 2015. The stock had hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had underperformed the market over the past one month till 25 April 2016, dropping 0.04% compared with 1.35% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 8.6% as against Sensex's 4.87% rise.
The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.
Maruti Suzuki India's net profit dropped 11.72% to Rs 1133.60 crore on 10.62% rise in total income to Rs 15426.90 crore in Q4 March 2016 over Q4 March 2015. The company's sales volumes rose 3.9% to 3.6 lakh vehicles in Q4 March 2016 over Q4 March 2015. Loss of 10,000 units due to Jat reservation agitation in Haryana, increased advertising expenses and lower other income impacted profits during Q4 March 2016. Maruti's other income dropped 62.11% to Rs 121.20 crore in Q4 March 2016 over Q4 March 2015.
The board of directors recommended a dividend of Rs 35 per share for the year ended 31 March 2016 (FY 2016).
Japanese parent Suzuki Motor Corporation held 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 31 March 2016).
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