The country's largest car maker Maruti Suzuki on Thursday reported a 54.27 per cent dip in its net profit at Rs 213.57 crore for the December quarter.
The auto major had a net profit of Rs 467.04 crore in the December quarter of FY'08, Maruti Suzuki said in a filing to the Bombay Stock Exchange.
"The reduction in net profit has been mainly due to lower volumes, a rise in material costs and adverse impact of currency changes in the fiscal," Maruti said in the statement.
Also, a higher provision for depreciation has impacted the company's bottomline, it added.
The total income declined nearly three per cent to Rs 4,625.81 crore during the quarter under review, from Rs 4,759.43 crore in the same period last fiscal.
During the October-December quarter, the company's sales stood at 1,73,494 units, down 14 per cent over last fiscal.
During the nine months ended December 2008, Maruti posted a 32 per cent dip in net profit at Rs 975.54 crore, while it was Rs 1,433.14 crore in the year-ago period.
The total income stood at Rs 14,419.62 crore during the nine-month period, while it was at Rs 13,432.65 crore in the year-ago period.
Shares of Maruti were trading at Rs 539, up 3.55 per cent in the afternoon trade on the BSE.