Car market leader Maruti Suzuki India Ltd on Thursday reported a 54 per cent drop in net profit for the Oct-December quarter of the current fiscal year due to currency fluctuation and a steep slump in demand. Maruti logged a profit of Rs 214 crore during the quarter against Rs 467 crore last year.
Its total income for the quarter also dipped 2.8 per cent at Rs 4,626 crore against Rs 4,759 crore last year.
“The reduction in profit has been mainly due to lower volumes, rise in material costs and adverse impact of currency changes in the fiscal. Further, higher provision for depreciation, owing to more stringent depreciation norms adopted by the company in March, also brought down profit,” the company said.