Maruti Suzuki posts net profit decline of 34 percent in Q4 in spite of record sales

The company's Board of Directors has recommended a dividend of 100 percent for 2007-08 as against 90 percent a year earlier.

During the fiscal year ended March 31, 2008, Maruti Suzuki India sold a record 764,842 vehicles, marking a growth of 13.3 percent over the previous year.

The company's sales included exports of 53,024 vehicles during the same period, the highest ever in the company's history. Exports grew by 34.9 percent during the year.

"The year 2007-08 was the best year in the history of Maruti," Nakanishi said.

Maruti Suzuki India continues to control over 51 percent of India's growing automobile market even though it is facing stiff competition from Tata Group's Tata Motors and South Korea's Hyundai Motor.

($1 million = Rs.4 crore)