Exports by Indian market leader Maruti Suzuki slupmed 15.8% to 101,352 units in fiscal year 2013/2014 as total sales fell 1.4% to 1,155,041 vehicles.

Home market sales were flat at 1,053,689, growth of just 0.3%.

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Despite this, net profit rose 16.3% to INR27.8bn (US$459m).

The company said cost reduction and localisation initiatives, together with favourable foreign exchange, helped improve profit margins despite the tough economic conditions.

The fourth quarter was particularly hard with domestic sales down to 298,596 units compared to 308,871 units in Q4 2012/2013. Exports were down 26.4% to 26,274 units.

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Net profit was down 35.46% to INR8bn on sales down 9.5% to INR118.1bn.

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The company said lower volumes, higher sales promotion cost and stock compensation for dealers contributed to the Q4 drop.

During the year, Suzuki Powertrain India was merged with Maruti Suzuki and the full impact of the merger was reflected in the full year result, the automaker said.