India’s Suzuki car maker Maruti Udyog has boosted income net of excise by 10% year on year to INR124,814.3m during fiscal 2005-06.
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Pre-tax profit rose 34.11% to INR17,499.9m in 2005-06, a growth of 34.11% over the previous year.
Net profit rose 39.3% to INR11,890.5m.
Total income net of excise was INR33,922.7m during the January-March 2006 fourth quarter, up 8.04% year on year.
Q4 net profit was up 39.11% to INR3,609.2m.
During the quarter, the automaker booked a one-time expense of INR349.2m to support its dealers, following the government’s reduction of excise duty on small cars in the union budget.
Dealers were compensated for reduced margins on vehicle stocks held on budget day.
Maruti’s board has recommended a dividend of 70%, up from 40% last year.
The board also approved the purchase of 1,200,000 Maruti Suzuki Automobile India Limited shares from Suzuki Motor Corporation at IBR100 per share and cleared a scheme to combine Maruti with MSAIL.
The company also announced that a new export model would be launched during 2008-09.
The new vehicle, which Maruti will not yet detail further, will be shipped to Europe at a rate of 100,000 units a year with a smaller number also sold in India.
India is currently the export production ‘hub’ for Suzuki’s Alto city car, and many of those are shipped to Europe.
