FY17 profitability of top 23 auto cos just 2.79% of total gross turnover
New Delhi: The combined net profit of top 23 four-wheeler automobile manufacturers in India stood at Rs 9,966.3 crore in 2016-17, which was just 2.79 per cent of their total gross turnover.
According to data sourced from SIAM and CMIE, the top 23 companies had a total gross turnover of Rs 3,56,702.9 crore.
In 2015-16, the net profit of the 23 manufacturers stood at Rs 8,825.4, which was just 2.69 per cent of the total gross turnover at Rs 3,28,236.3 crore.
As per the data, out of the 23 manufacturers, 15 made profits during the fiscal under review while eight companies reported losses.
Among the 15 manufacturers were Maruti Suzuki India (MSI), Mahindra & Mahindra (M&M) and Hyundai Motor India, while the eight companies that reported losses include Tata Motors, Honda Cars and Ford India in their operations, according to the data.
The country's largest carmaker Maruti Suzuki reported a net profit of Rs 7,337.7 crore in 2016-17, while Mahindra & Mahindra posted a net profit of Rs 3,955.7 crore. Similarly, Hyundai Motor India reported a net profit of Rs 1,973 crore.
Commercial vehicles maker Ashok Leyland posted a net profit of Rs 1,223 crore while Toyota Kirloskar Motor reported a net profit at Rs 557.7 crore.
Other manufacturers -- Fiat India Automobiles, Force Motors, Mercedes Benz India, Nissan Motor India, Skoda Auto, VE Commercial Vehicles and Volkswagen India also reported profit in their operations in 2016-17.
On the other hand, Tata Motors reported a loss of Rs 2,579.6 crore in 2016-17, while Honda Cars saw a net loss of Rs 2,33.6 crore during the fiscal. Similarly, Daimler India Commercial Vehicles, Ford India, General Motors India, Isuzu Motors and Renault India reported loss in their operations.
Daimler reported a net loss of Rs 1,549.3 crore during the fiscal under review, while Ford India reported a loss of Rs 520.6 crore in 2016-17.
Likewise, General Motors posted a net loss of 778.8 crore during the fiscal, while Renault India reported a net loss of Rs 372.8 crore in 2016-17. Although, the French car maker reported loss in 2016-17, it performed better from 2015-16 when it had reported a net loss of Rs 963.8 crore.