INDIA: Materials, depreciation, hit Maruti Q1 result
Maruti Suzuki India has posted a 7% drop in quarterly net profit due mainly to high raw materials costs and a new depreciation policy which outweighed a 13.5% sales rise.
Maruti Suzuki India has posted a 7% drop in quarterly net profit due mainly to high raw materials costs and a new depreciation policy which outweighed a 13.5% sales rise.
Maruti said net profit fell to INR4.66bn (US$109m) in the fiscal first quarter to the end of June, from 4.99 bn rupees in the same period a year earlier, beating a poll forecast of INR4.55bn, according to the Economic Times of India.
Maruti recently adopted shorter depreciation cycles for its equipment and tooling assets, the paper said.
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