NEW DELHI: India's largest automaker, Maruti Suzuki, will gradually phase out all diesel cars & # 39; s from April 1, 2020, reported Press Trust of India, speaking to chairman RC Bhargava. Maruti Suzuki achieves almost 23% of its annual turnover from diesel cars. Maruti Suzuki expects buyers to push to switch to gasoline or CNG cars through incentives and offer CNG options in more models.
"From April 1, 2020, we will not sell diesel cars & # 39; s," Maruti Suzuki India Chairman RC Bhargava told reporters during the press conference after the results.
In the year ending 31 March, Maruti sold a total of 17.53 lakh units on the domestic market, a growth of 6.1%. This included 17.29 lakh units in the passenger car & # 39; s and 2387 LCV units. The output was 108,749 units.
Earlier this week, Maruti Suzuki Ltd launched its popular Baleno and Alto hatchbacks with engines that meet Bharat State 6 emission standards, one year before the new standards are introduced. Maruti is also expected to launch the Dzire and Swift with BS 6 compliant engines in the coming months.
The car manufacturer today also announced a price increase for some of its models. Maruti has increased the prices of the Baleno diesel range and RS petrol variant by a maximum ₹15,000 (ex-showroom) with immediate effect. The Baleno RS, which comes with a 1-liter booster jet gasoline engine, is now available at ₹8.88 lakh, Maruti said in a regulatory application. It was previously priced ₹8.76 lakh.
Maruti Suzuki today reported a decline in net profit for the fourth quarter ending March 31, hurt by weak demand across the industry. The net profit of the car manufacturer decreased by 4.6% to ₹1,795.6 crore in the same period last year. The street had estimated the automaker to book a net profit ₹1,747 crore for the quarter. This quarter was characterized by unfavorable exchange rates and commodity prices, higher depreciation and higher sales promotion expenses, partially offset by cost saving efforts, the company said.
Maruti recorded net sales of during the quarter ₹20,737.5 crore, an increase of 0.7% compared to the same period last year.
The board of directors has a dividend of. Recommended ₹80 per share.
Maruti also predicts a weak growth rate for the current fiscal year amid a sector-wide weakening of demand. The country's largest automaker, largely owned by the Japanese Suzuki Motor Corp, said it was expected that production and sales would grow between 4% and 8% for the fiscal year that started in April. Last year the company aimed for 10% revenue growth