Close
x
  • SMC open account icon Open an A/C
    • Open an A/C
    • CHOOSE YOUR OPTION(S)
    • Trading A/c
    • Mutual Fund A/c
    • NBFC A/c
    • NPS A/c
  • SENSEX Sep 28 2021 12:00
    59,667.60 -410.28 (-0.68%)
  • NIFTY Sep 28 2021 12:00
    17,748.60 -106.50 (-0.60%)
  • SENSEX Sep 28 2021 12:00
    59,667.60 -410.28 (-0.68%)
  • NIFTY Sep 28 2021 12:00
    17,748.60 -106.50 (-0.60%)
  • Nasdaq Sep 28 2021 04:30
    14,969.97 -77.73 (-0.52%)
  • DJIA Sep 28 2021 04:30
    34,869.37 +71.37 ( +0.21%)
  • S&P 500 Sep 28 2021 04:30
    4,443.11 -12.37 (-0.28%)
  • Hang Seng Sep 28 2021 02:10
    24,500.39 +291.61 ( +1.20%)
  • Crude Oil Sep 28 2021 10:46
    5,577.00 -2.00 (-0.04%)
  • Gold Sep 28 2021 10:46
    45,837.00 -232.00 (-0.50%)
  • Silver Sep 28 2021 10:46
    60,399.00 -235.00 (-0.39%)
  • Copper Sep 28 2021 06:10
    715.60 -2.70 (-0.38%)
  • Pound / Rupee Dec 23 2016 22:30
    100.64 -0.19 (-0.19%)
  • Dollar / Rupee Dec 23 2016 22:30
    73.64 -0.03 (-0.03%)
  • Euro / Rupee Dec 23 2016 22:30
    86.30 -0.06 (-0.07%)
  • Yen / Rupee Dec 23 2016 22:30
    0.66 0.00 (-0.67%)

Maruti Suzuki India Ltd

BSE Code : 532500 | NSE Symbol : MARUTI | ISIN:INE585B01010| SECTOR : Automobile |

NSE BSE
 
SMC up arrow

7,423.85

20.40 (0.28%) Volume 280564

28-Sep-2021 EOD

Prev. Close

7,403.45

Open Price

7,448.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

7,423.85(900)

 

Today’s High/Low 7,521.55 - 7,333.50

52 wk High/Low 8,329.00 - 6,331.00

Key Stats

MARKET CAP (RS CR) 224122.21
P/E 45.55
BOOK VALUE (RS) 1700.4382945
DIV (%) 900
MARKET LOT 1
EPS (TTM) 162.87
PRICE/BOOK 4.36316920407958
DIV YIELD.(%) 0.61
FACE VALUE (RS) 5
DELIVERABLES (%) 45.44
4

News & Announcements

28-Sep-2021

Maruti Suzuki India Ltd soars 0.4%, rises for fifth straight session

24-Sep-2021

Maruti Suzuki India Ltd up for third consecutive session

11-Sep-2021

Maruti Suzuki India Ltd - Closure of Trading Window

08-Sep-2021

Maruti Suzuki India produces 1.13 lakh units in August 2021

08-Sep-2021

Maruti Suzuki India produces 1.13 lakh units in August 2021

06-Sep-2021

Maruti Suzuki India announces increase in prices of select models

03-Sep-2021

Maruti Suzuki India recalls 1.81 lakh vehicles for possible defect

01-Sep-2021

Maruti Suzuki India sells 1.30 lakh units in August

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Daewoo Motors India Ltd 500100 DCMDAEWOO
Hindustan Motors Ltd 500500 HINDMOTORS
Maestro Motors Ltd(liquidated) 520090
Mahindra & Mahindra Ltd 500520 M&M
Pal-Peugeot Ltd(wound-up) 531523 PALPEUGEOT

Share Holding

Category No. of shares Percentage
Total Foreign 69674339 23.07
Total Institutions 47608048 15.76
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 985014 0.33
Total Promoters 170283762 56.37
Total Public & others 13528897 4.49
Total 302080060 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Maruti Suzuki India Ltd

Maruti Suzuki India Ltd (formerly Maruti Udyog Ltd) is India's largest passenger car company, accounting for over 50% of the domestic car market. The company offers full range of cars from entry level Maruti Alto to stylish hatchback Ritz, A-star, Swift, Wagon R, Estillo and sedans DZire, SX4 and Sports Utility vehicle Grand Vitara. The company is a subsidiary of Suzuki Motor Corporation of Japan. The Japanese car major held 56.21% stake in Maruti Suzuki as on 31 December 2017. The company is engaged in the business of manufacturing, purchase and sale of motor vehicles and spare parts (automobiles). The other activities of the company include facilitation of pre-owned car sales, fleet management and car financing. They have four plants, three located at Palam Gurgaon Road, Gurgaon, Haryana and one located at Manesar Industrial Town, Gurgaon, Haryana. The company has nine subsidiary companies, namely Maruti Insurance Business Agency Ltd, Maruti Insurance Distribution Services Ltd, Maruti Insurance Agency Solutions Ltd, Maruti Insurance Agency Network Ltd, Maruti Insurance Agency Services Ltd, Maruti Insurance Agency Logistics Ltd, True Value Solutions Ltd, Maruti Insurance Broker Ltd and J J Impex (Delhi) Pvt Ltd. Maruti Suzuki India Ltd was incorporated on February 24, 1981 with the name Maruti Udyog Ltd. The company was formed as a government company, with Suzuki as a minor partner, to make a people's car for middle class India. Over the years, the company's product range has widened, ownership has changed hands and the customer has evolved. In October 2, 1982, the company signed the license and joint venture agreement with Suzuki Motor Corporation, Japan. In the year 1983, the company started their productions and launched Maruti 800. In the year 1984, they introduced Maruti Omni and during the next year, they launched Maruti Gypsy in the market. In the year 1987, the company forayed into the foreign market by exporting first lot of 500 cars to Hungary. In the year 1990, the company launched India's first three-box car, Sedan. In the year 1992, Suzuki Motor Corporation, Japan increased their stake in the company to 50%. In the year 1993, they introduced the Maruti Zen and in the next year they launched Maruti Esteem in the market. In the year 1995, the company commenced their second plant. In the year 1997, they started Maruti Service Master as model workshop in India to look after sales services. In the year 1999, the third plant with new press, paint and assembly shops became operational. In the year 2000, the company launched Maruti Alto in the market. In the year 2002, Suzuki Motor Corporation increased their stake in the company to 54.2%. In January 2002, the company introduced 10 finance companies (8 + 2JVs) in Mumbai. Also, they found one new business segment, Maruti True Value for sales, purchase and trade of pre-owned cars in India. In the year 2005, the company launched the first world strategic model from Suzuki Motor Corporation 'the SWIFT' in India. In the year 2006, they launched WaganR Duo with LPG and also the New Zen Estillo. During the year 2006-07, the company commenced operations in the new car plant and the diesel engine facility at Manesar, Haryana. In November 2006, they inaugurated a new institute of Driving Training and Research (IDTR), which was set up as a collaborative project with Delhi Government at Sarai Kale Khan in South Delhi. During the year 2007-08, the company signed an agreement with the Adani group for exporting 200,000 units annually through the Mundra port in Gujarat. They launched Swift Diesel and SX4- Luxury Sedan with Tag line 'MEN ARE BACK' during the year. In July 2007, the company launched the new Grand Vitara, a stylish, muscular and 5-seater in the MUV segment. The company changed its name from Maruti Udyog Ltd to Maruti Suzuki India Ltd with effect from September 17, 2007. During the year, the company entered into a joint venture agreement with Magneti Marelli Powertrain SpA and formed Magneti Marelli Powertrain India Pvt Ltd for manufacturing Electric Control Units. Also they entered into another joint venture agreement with Futaba Industrial Co Ltd and formed FMI Automotive Components Ltd for manufacturing Exhaust Systems Components. During the year, the company signed pact with Shriram City Union Finance Ltd, a part of Shriram Group, Chennai, to offer easy, transparent and hassle-free car finance to its customers, particularly in semi urban and rural markets. The agreement is a joint initiative of the two companies for providing competitive car finance to people in Tier-II and Tier-III cities across the country. During the year 2008-09, the company launched a new A2 segment car, branded the A-star in India and in Europe as the new Alto. They raised their production capacity to a landmark 1 million cars. In June 2008, the company launched Maruti 800 Duo, which is a dual fuel (LPG-cum- petrol) model car. In April 2009, the company revealed new Ritz K12M engine at Gurgaon plant. During the year 2009-10, the company raised the capacity of their next generation K-series engine plant to more than 500,000 units per annum. They started work on an additional plant of 250,000 cars per annum capacity at Manesar. The company launched their fifth world strategic model, the Ritz. They also came out with the spacious multi purpose van, Eeco and the all new WagonR with a K-series engine. During the year 2010-11, the company launched refreshed variants of WagonR and Alto with the new K-series engines. SX4 was offered with a Super Turbo Diesel engine. The Company launched the Suzuki Kizashi, India's first sports luxury sedan. It sports a 2.4 litre engine and is endowed with best-in-class features. The company developed in-house i-GPI (Integrated Gas Port Injection) Technology and launched factory-fitted CNG variants for five of its models: Alto, WagonR, Eeco, Estilo and SX4. During the year 2011-12, the company started the work to commission another diesel engine plant of 300,000 annual capacity in Gurgaon. At the 2012 Delhi Auto Expo, the Company unveiled the Ertiga - Life Utility Vehicle. The global premiere of Ertiga marks the entry of the company in the UV segment, which will help further strengthen its leadership position in the industry. The company also showcased the XA-Alpha, a concept compact SUV. During the year 2012-13, the company started the work on the Gujarat site. During this period, Suzuki Japan decided that India will now be responsible for the export markets of Africa, the Middle East and its neighbouring countries. The company has to ensure adequate sales and marketing arrangements in these countries, with the help of Japan. It also has to determine the products to be manufactured for these markets and, if necessary, establish assembly plants overseas. This decision will greatly help the growth of its exports. In 2014-15, Maruti launched a successful sedan, Ciaz model cars. The S-Cross creates a new market segment which combines the comfort and luxury of a sedan with the power and styling of an SUV. Both these products have been enriched with a number of premium features and enhanced performance levels. In January this year, the Hon'ble Chief Minister of Gujarat, laid the foundation stone of the Gujarat plant. During the year 2015-16, two new products introduced by the company, namely the Baleno and the Brezza, exceeded its expectations of demand, and both cars had a waiting period of 6-7 months. On 4 October 2016, Maruti Suzuki announced that its premium hatchback Baleno has crossed cumulative domestic sale of one lakh units. On 18 May 2016, Maruti Suzuki announced the launch of an updated version of its small car Alto 800 with more attractive front design, fresh interiors, vibrant colours, higher fuel efficiency and new features. On 27 May 2016, Maruti Suzuki announced that it will proactively and voluntarily recall 75,419 Baleno cars (petrol and diesel) manufactured between 3 August 2015 and 17 May 2016 to upgrade the airbag controller software. Of these, 15,995 Baleno diesel cars manufactured between 3 August 2015 and 22 March 2016 will also be attended to for inspection and replacement of a faulty fuel filter. The Baleno cars covered in the recall include 17,231 units of exports. In addition, 1,961 DZire diesel cars (only AGS variant) will be attended to for inspection and replacement of a faulty fuel filter. On 27 May 2016, Maruti Suzuki announced that it had begun exports of its Light Commercial Vehicle Super Carry to South Africa and Tanzania. At that time, the company said that it also plans to export the vehicle to SAARC nations in due course. On 6 July 2016, Maruti Suzuki announced that its popular premium mid-size sedan Ciaz has crossed one lakh cumulative sales mark in the domestic market. The car was lunched in October 2014. On 28 July 2016, Maruti Suzuki announced that its premium retail showroom under the NEXA brand has completed one year of operations. At that time, the company said that NEXA is expected to contribute 15% of its sales by 2020. Maruti Suzuki announced increase in prices of select models ranging from Rs 1,500 to Rs 5,000 (Ex-showroom Delhi) with effect from 1 August 2016. It also announced increase in price by up to Rs 20,000 for Vitara Brezza and up to Rs 10,000 for Baleno. The company attributed the price hike to factors like segment wise demand, foreign exchange movements and strategic objectives of the company. On 12 August 2016, Maruti Suzuki announced that the cumulative enrollment at its various driving training facilities has touched a record 3 million since it started driving training in the year 2000. On 30 August 2016, Maruti Suzuki announced the launch of limited edition of its most popular hatchback Swift as Swift Deca. On 1 September 2016, Maruti Suzuki announced the launch of its first light commercial vehicle (LCV) Super Carry in the domestic market. The company has invested about Rs 300 crore towards the development of the Super Carry. On 15 September 2016, Maruti Suzuki announced that it has signed a Memorandum of Understanding (MoU) with Uber India to train over 30,000 individuals/Uber partner-drivers in safe driving over a period of 3 years. On 23 September 2016, Maruti Suzuki announced that it has attained cumulative exports of 15 lakh vehicles. These vehicles have been exported to over 100 countries including Europe, Latin America and Africa. On 15 November 2016, Maruti Suzuki announced that it will set up a first-of-its-kind Industrial Training Institute in Mehsana, Gujarat. On 25 November 2016, Maruti Suzuki announced the launch of limited edition of its small car Wagon R as Wagon R Felicity with an array of new features. On 9 December 2016, Maruti Suzuki India signed a Memorandum of Understanding (MoU) with Ola, the online cab aggregator, to train aspiring Ola driver-partners. The company said that its partnership with Ola will create entrepreneurship opportunities for aspiring Ola drivers-partners. On 13 January 2017, Maruti Suzuki India announced the launch of IGNIS, its premium urban compact vehicle for the millennials. The company, alongwith its suppliers, has invested over Rs 950 crore towards the development of IGNIS. IGNIS has 98.5% localization. On 27 January 2017, Maruti Suzuki announced the launch of a new VXi+ variant of its small car WagonR with a wide array of new features including Projector headlamps, stylish front grill, alloy wheels and side skirts, Dual Airbags, Anti-Lock braking System with Electronic brake - force distribution system, as optional. Maruti Suzuki announced a price hike ranging from Rs 1,500 to Rs 8,014 (Ex-showroom Delhi) across models with effect from 27 January 2017 due to increase in commodity, transportation and administrative costs. On 30 January 2017, Maruti Suzuki inaugurated its 200th premium retail showroom NEXA in the country at Hyderabad. At that time, the company said that NEXA is now present in 121 cities and had already sold over 1.85 lakh vehicles since its inception. On 15 February 2017, Maruti Suzuki announced the launch of limited edition of its compact multi purpose vehicle Ertiga. On 20 February 2017, Maruti Suzuki announced that its two Smart Hybrid vehicles viz. Ciaz SHVS and Ertiga SHVS have crossed cumulative sales of 1 lakh units. Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an integrated starter generator and an advanced high capacity battery to supplement the engine's power. SHVS technology makes it more efficient than the conventional set-up and saves energy while decelerating/braking. On 2 March 2017, Maruti Suzuki announced that its popular urban sports utility vehicle Vitara Brezza crossed one lakh cumulative sales milestone in the domestic market. On 27 March 2017, Maruti Suzuki announced that its popular urban sports utility vehicle Vitara Brezza has clocked sales of over 1.1 lakh units in the first year of its launch. On 31 March 2017, Maruti Suzuki announced that its popular midsize sedan Ciaz will be sold exclusively through its premium retail outlets NEXA from 1 April 2017. On 16 May 2017, Maruti Suzuki announced the launch of updated version of its sedan Dzire. On 25 May 2017, Maruti Suzuki announced that it has decided to set up automobile skill enhancement centres across 15 government-run Industrial Training Institutes (ITIs) across 11 states over a period of three months. On 1 July 2017, Maruti Suzuki announced that it has passed on the entire benefit of the goods and services tax (GST) rates on vehicles to its customers and as a result the ex-showroom prices of Maruti Suzuki models were cut by upto 3% with effect from 1 July 2017. However, owing to withdrawal of tax concessions on mild hybrid vehicles, the price of Smart Hybrid Ciaz Diesel model and Smart Hybrid Ertiga Diesel has increased. On 7 July 2017, Maruti Suzuki announced that the National Company Law Tribunal (NCLT) has approved the scheme of amalgamation of Maruti Suzuki India Limited and seven of its wholly owned subsidiary companies viz. Maruti Insurance Business Agency Limited, Maruti Insurance Distribution Services Limited, Maruti Insurance Agency Network Limited, Maruti Insurance Agency Solutions Limited, Maruti Insurance Agency Services Limited, Maruti Insurance Agency Logistics Limited and Maruti Insurance Broker Limited. On 3 August 2017, Maruti Suzuki announced the introduction of auto gear shift option in its top-end Alpha variant of its premium urban compact vehicle IGNIS. On 10 August 2017, Maruti Suzuki announced a complete revamp of its True Value operations, designed to make pre-owned cars more attractive and transparent to customers. On 30 August 2017, Maruti Suzuki announced transformation of its retail network across India. The new showrooms, christened Maruti Suzuki ARENA, will sport modern looks and offer a warm, friendly and comfortable environment to the customers. On 29 September 2017, Maruti Suzuki announced the launch of parent Suzuki Motor Corporation's global ECSTAR brand of lubricants, coolants, and car care products in India. On 1 October 2017, Maruti Suzuki announced the launch of new version of its premium urban offering S-Cross. Maruti further said at that time that it has sold over 53,000 units of S-Cross in the domestic market and exported over 4,600 units since its launch in August 2015. On 5 October 2017, Maruti Suzuki announced the launch of a refreshed version of its compact car Celerio. Maruti further said at that time that Celerio has achieved the three-lakh sales mark within a short span of less than four years. On 1 December 2017, Maruti Suzuki announced the launch of the bold, sporty and trendy CelerioX compact car. The model is an extension of Maruti's Celerio compact car. On 27 December 2017, Maruti Suzuki announced that it has entered into an agreement with the Government of NCT of Delhi to set up state-of-the-art Automated Driving Test Centres across 12 locations in the city. The company will invest approximately Rs 15 crore for setting up the driving test centres. While Maruti Suzuki will set up the centres and maintain them for three years, the Transport Department will conduct the tests and issue driving licenses to eligible applicants. Maruti Suzuki announced price increase ranging from Rs 1,700 to Rs 17,000 (Ex-Showroom - Delhi) across models with effect from 10 January 2018, owing to increase in commodity and other administrative and distribution costs. At the time of approval of Q3 December 2017 results on 25 January 2018, the Board of Directors of Maruti Suzuki discussed and approved a revision in the method of calculating royalty payment to Japanese parent Suzuki Motor Corporation that would result in lower royalty payments for Maruti Suzuki for new model agreements starting the Ignis. This would be implemented after approval by the Board of Suzuki Motor Corporation. On 7 February 2018, Maruti Suzuki showcased new compact car ConceptFutureS at Delhi Auto Expo 2018 in New Delhi. On 8 February 2018, Maruti Suzuki announced the launch of an updated version of its premium hatchback Swift at Auto Expo 2018 in New Delhi. The all-new Swift comes offers the acclaimed auto gear shift technology for the convenience of customers. Built on Suzuki's innovative 5th generation HEARTECT platform, the all-new Swift has a superior power to weight ratio with an improved acceleration performance. During 2017-18,the company posted a volume growth of 13.8% in passenger vehicles in the domestic market including the LCV and the company's domestic sales growth stood at 14.5%.During the year,the company added 203 dealer workshops to the network which is the highest ever in a single financial year.The company has 3403 service workshops covering 1659 cities across the country. During the FY 2018-19,the company posted a volume growth of 5.3% in passenger vehicles in the domestic market,including the LCV segment.The company's domestic sales growth stood at 6.1%. During the year,the business partnership between Suzuki Motor Corporation and Toyota Motor Corporation,Japan started taking place.The company is likely to benefit immensely from this partnership by gaining access to the new-age technologies and from the mutual supply of vehicles. During the fiscal 2020,the company registered an overall volume decline of 16.1% due to weak demand environment in both the domestic and export markets.The company's operations were suspended in the latter part of March 2020 due to unprecedented COVID-19 outbreak which lead to a nationwide shutdown of economic activities. During the year,250 service workshops were added to the network,which is the highest ever in a single financial year,taking the total number of workshops to 3864 covering 1914 cities across the country.

Maruti Suzuki India Ltd Chairman Speech

It is my pleasure to express my thoughts through the Annual Integrated Report of Maruti Suzuki India Limited

The COVID-19 pandemic took a heavy toll last year. The lack of any precedent or an adequate understanding of all the aspects of the virus, called upon our experts and policy makers to be extremely flexible and innovative in dealing with problems as they arose. I believe that despite our limitations of health infrastructure we did very well to contain the adverse fall out. Our grateful thanks to all concerned, and especially doctors and medical workers, who worked tirelessly, and at much risk to themselves.

Before proceeding further, I would like to offer my sincere condolences to all who have suffered untimely bereavements because of the COVID-19 pandemic. It is well established that getting vaccinated and wearing masks is the only way known to control the pandemic and maximise individual safety. My appeal to all of you is to ensure that you and your families are fully vaccinated and continue to follow the government advisories on the precautions that need to be taken to prevent the third and possibly other waves of the infection.

Your Company, by virtue of its unique position in the manufacturing industry, believes it has a responsibility to step forward and participate in meeting any crisis. Last year I had mentioned that towards the end of April the government had approached us to help in scaling up the domestic production of ventilators. We had worked with M/s Agva, a start-up company, to produce the full ordered quantity of 10,000 ventilators by the end of June. Again, in May this year there was an urgent need for oxygen generators. This time we took the initiative to help scale up production and started working with three small companies. Within May itself 73 generators were produced. In June this further increased to 140 units. This was almost a ten-fold increase over their normal production. 14 generators were donated by us as a part of CSR activities. We were assisted in the efforts to increase production by Motherson Sumi, SKH Metals and Jai Bharat Maruti, all our supplier partners.

MSIL took the lead in devising safety protocols not only for ourselves, but also for our vendors and dealers. These were more comprehensive than even the government guidelines. As a result, we were amongst the quickest to resume production and sales as lockdown conditions were relaxed. Our total production during FY 2020-21 year was 1,441,424 compared to 1,577,304 in 2019-20. In Q4 of the year, production was 21.6 % higher than in the corresponding quarter of the previous year. However, as a result of the lockdown in Q1 of FY 2021-22 and restrictions on production and sales in several States during some parts of the year, the profits in the year were 25.1% lower than in 2019-20. Consequently, your Board decided that dividends for the year should be proportionately reduced to Rs.45 per share. The cash reserves of the Company have been of great help in dealing with the COVID-19 related problems and ensuring that our people did not suffer. We will use these reserves to establish new production facilities as soon as a few problems are resolved.

In March 2021 we were quite optimistic about the outlook for FY2021-22. The suddenness and ferocity of the second wave of the pandemic was a surprise to all, and led to lockdowns and restrictions in most parts of the country. Production and sales again dropped and the recovery that had started in the previous quarter suffered a set-back. Q1 sales were limited at 353,600 units. The performance in the next three quarters largely depends on how effectively all our citizens follow the government's advice to get vaccinated and observe safety protocols. If we can avert the third wave, or substantially reduce its effect, and there are no further waves, economic activities and sale of cars can improve significantly over what was achieved last year.

Your Company expects to be able to work smoothly and without disruptions as we would have vaccinated over 90% of our employees, and their families, by the end of August. We are urging our vendors and dealers to also do the same. The victory over COVID-19 can best be achieved by all of us working together and following the advice given by the government and experts.

Your Company is very aware of its responsibility to support the effort to reduce the carbon footprint as fast as possible. Fortunately, unlike the developed countries, emissions from cars in India are comparatively small as vehicle penetration is very low. We have to ensure that as growth takes place, and more and more people are able to afford a car, your Company uses technology that would take us towards our goal. Suzuki Japan is giving priority to the development of technologies suitable for the Indian market. Research and development efforts are being accelerated and your Company would be fully involved in this work. Suzuki's alliance with Toyota in Japan would prove very valuable for this effort.

Various countries in the world are setting ambitious targets for the replacement of internal combustion engine cars by electric vehicles. We need to recognise that our strategy for moving towards net zero emission has to be consistent with the economic and infrastructure conditions prevailing in the country. Two wheelers consume about 60% of the total petrol used for personal transportation and the emission standards for 2 wheelers that were produced till March 2020 were lower than that for cars. The emission from two-wheelers is thus much higher than from cars and the government has rightly given priority to electrifying two wheelers. This will require a massive effort. The acceptance of electric cars by a large proportion of consumers faces certain problems that are different from the developed countries. The per capita income in India is only about US$ 2,000, about 5% of that in Europe and Japan. This reduces the ability of a large number of people to buy expensive cars. As a result, not only do two-wheelers sell in large numbers, but 77% of cars sold are less than 4 metres in length and lower in cost. No other developed country has such a high sale of small cars. Unfortunately the technology presently available leads to electric cars being produced at a cost much higher than the conventional cars. This, along with the lack of charging infrastructure makes it very difficult to sell electric cars to people who can only afford small cars. Only 5% of cars sold in India are priced at Rs.15 lakh or more. Some of the buyers of such cars can buy electric cars but the market penetration of EVs would be very small.

I have no doubt that the large resources that are now being deployed for technology development will lead to lowering the cost of EVs and reducing dependence on Lithium, procurement of which poses some strategic issues of national importance. The time frame for all of this to happen is not certain but meanwhile we do need to reduce import of oil and harmful emissions. Fortunately, in our market conditions the use of CNG, particularly for small cars, has proved very acceptable to customers. The government has recognised the importance of CNG as a fuel for cars and is making concerted efforts to build the infrastructure to make CNG available in most parts of the country. Your Company will also seek to improve the technology for CNG cars. Hybrid technology also leads to a significant reduction in fuel consumption and emissions and is another area for our engineers to work. Thus, these two technologies, coupled with biofuels, gives the country a means of moving towards the final goal of net zero emission. The use of hydrogen is also an interesting alternative and should be considered specially to reduce dependence on importing Lithium.

It is a matter of some concern that the rate of growth of car sales has been steadily declining in the last decade. During the period 2010 to 2015 the compound annual growth rate of car sales in India dropped from the past 12.9% to 5.9% and in the next five year period of 2015-2020 the growth rate further declined to 1.3%. After March 2020 the COVID-19 pandemic has taken its toll on production and sales. The car industry constitutes about 25% of manufacturing industry and its slowing growth would naturally impact the rate of growth of this sector. The creation of new employment would also have been impacted since the use of cars leads to a large number of jobs being created in the service sector.

The slowing in the demand of cars is largely because the cost of acquisition by consumers has increased due to various reasons like regulatory changes, depreciation of the Rupee, increase in cost of raw materials and taxes imposed by State governments. The GST on cars, based on the past rates of excise duty, is much higher than the GST (or equivalent) in all other major countries of the world. It is unlikely that the car industry will experience reasonable rates of growth unless the central and State governments consider how to reduce the initial acquisition cost of cars.

Your Company continues to make its best efforts to reduce the carbon footprint in the production process, and also to conserve scarce resources. The 20MW solar plant in Manesar is generating power and will reach its full output by the end of August. Efforts continue to conserve water and ensure clean emission from the production process.

The CSR budget has been fully utilised on programmes approved by your Board. The multi-speciality hospital and the school near the Suzuki plant in Gujarat have started operations. These are benefiting a large number of citizens living in that area. The efforts to improve road safety in the national capital by using technology to capture traffic violations and the system for testing aspirants for driving licenses has proved very effective.

Safety of all employees and associates has been an area of priority for your Company. I have already mentioned the vaccination drive and measures to control the pandemic. Safety audits are regularly carried out and systems strengthened wherever possible. During the year under report no employee of the Company met with a fatal accident. Your Company is trying to make its entire value chain safer by working with its supplier partners to adopt OHSAS 18001/ISO 45001 safety management systems to continuously improve their Occupational Health and Safety practices. 89% of Tier-1 suppliers have already adopted this. We are trying to reach deeper and have made a safety programme for Tier-2 suppliers also. More than 6,500 machines at about 340 Tier-2 suppliers have been modified with measures for fool-proofing against human injury.

Your Company has been supporting schemes for employees owning their own houses. During the year, 357 number of employees were able to get houses of their own.

Our employees continue to be our strength and our management strategy of building trust and partnerships with all our associates has stood the test of time. As the country moves to accelerate manufacturing, the experience of MSIL in building a competitive management strategy should be of use to others.

Lastly, I would like to express my sincere thanks all our shareholders for their consistent support and understanding during these difficult days. I wish all of you a safe and healthy year ahead.

Jai Hind

R. C. Bhargava

Chairman

   

Maruti Suzuki India Ltd Company History

Maruti Suzuki India Ltd (formerly Maruti Udyog Ltd) is India's largest passenger car company, accounting for over 50% of the domestic car market. The company offers full range of cars from entry level Maruti Alto to stylish hatchback Ritz, A-star, Swift, Wagon R, Estillo and sedans DZire, SX4 and Sports Utility vehicle Grand Vitara. The company is a subsidiary of Suzuki Motor Corporation of Japan. The Japanese car major held 56.21% stake in Maruti Suzuki as on 31 December 2017. The company is engaged in the business of manufacturing, purchase and sale of motor vehicles and spare parts (automobiles). The other activities of the company include facilitation of pre-owned car sales, fleet management and car financing. They have four plants, three located at Palam Gurgaon Road, Gurgaon, Haryana and one located at Manesar Industrial Town, Gurgaon, Haryana. The company has nine subsidiary companies, namely Maruti Insurance Business Agency Ltd, Maruti Insurance Distribution Services Ltd, Maruti Insurance Agency Solutions Ltd, Maruti Insurance Agency Network Ltd, Maruti Insurance Agency Services Ltd, Maruti Insurance Agency Logistics Ltd, True Value Solutions Ltd, Maruti Insurance Broker Ltd and J J Impex (Delhi) Pvt Ltd. Maruti Suzuki India Ltd was incorporated on February 24, 1981 with the name Maruti Udyog Ltd. The company was formed as a government company, with Suzuki as a minor partner, to make a people's car for middle class India. Over the years, the company's product range has widened, ownership has changed hands and the customer has evolved. In October 2, 1982, the company signed the license and joint venture agreement with Suzuki Motor Corporation, Japan. In the year 1983, the company started their productions and launched Maruti 800. In the year 1984, they introduced Maruti Omni and during the next year, they launched Maruti Gypsy in the market. In the year 1987, the company forayed into the foreign market by exporting first lot of 500 cars to Hungary. In the year 1990, the company launched India's first three-box car, Sedan. In the year 1992, Suzuki Motor Corporation, Japan increased their stake in the company to 50%. In the year 1993, they introduced the Maruti Zen and in the next year they launched Maruti Esteem in the market. In the year 1995, the company commenced their second plant. In the year 1997, they started Maruti Service Master as model workshop in India to look after sales services. In the year 1999, the third plant with new press, paint and assembly shops became operational. In the year 2000, the company launched Maruti Alto in the market. In the year 2002, Suzuki Motor Corporation increased their stake in the company to 54.2%. In January 2002, the company introduced 10 finance companies (8 + 2JVs) in Mumbai. Also, they found one new business segment, Maruti True Value for sales, purchase and trade of pre-owned cars in India. In the year 2005, the company launched the first world strategic model from Suzuki Motor Corporation 'the SWIFT' in India. In the year 2006, they launched WaganR Duo with LPG and also the New Zen Estillo. During the year 2006-07, the company commenced operations in the new car plant and the diesel engine facility at Manesar, Haryana. In November 2006, they inaugurated a new institute of Driving Training and Research (IDTR), which was set up as a collaborative project with Delhi Government at Sarai Kale Khan in South Delhi. During the year 2007-08, the company signed an agreement with the Adani group for exporting 200,000 units annually through the Mundra port in Gujarat. They launched Swift Diesel and SX4- Luxury Sedan with Tag line 'MEN ARE BACK' during the year. In July 2007, the company launched the new Grand Vitara, a stylish, muscular and 5-seater in the MUV segment. The company changed its name from Maruti Udyog Ltd to Maruti Suzuki India Ltd with effect from September 17, 2007. During the year, the company entered into a joint venture agreement with Magneti Marelli Powertrain SpA and formed Magneti Marelli Powertrain India Pvt Ltd for manufacturing Electric Control Units. Also they entered into another joint venture agreement with Futaba Industrial Co Ltd and formed FMI Automotive Components Ltd for manufacturing Exhaust Systems Components. During the year, the company signed pact with Shriram City Union Finance Ltd, a part of Shriram Group, Chennai, to offer easy, transparent and hassle-free car finance to its customers, particularly in semi urban and rural markets. The agreement is a joint initiative of the two companies for providing competitive car finance to people in Tier-II and Tier-III cities across the country. During the year 2008-09, the company launched a new A2 segment car, branded the A-star in India and in Europe as the new Alto. They raised their production capacity to a landmark 1 million cars. In June 2008, the company launched Maruti 800 Duo, which is a dual fuel (LPG-cum- petrol) model car. In April 2009, the company revealed new Ritz K12M engine at Gurgaon plant. During the year 2009-10, the company raised the capacity of their next generation K-series engine plant to more than 500,000 units per annum. They started work on an additional plant of 250,000 cars per annum capacity at Manesar. The company launched their fifth world strategic model, the Ritz. They also came out with the spacious multi purpose van, Eeco and the all new WagonR with a K-series engine. During the year 2010-11, the company launched refreshed variants of WagonR and Alto with the new K-series engines. SX4 was offered with a Super Turbo Diesel engine. The Company launched the Suzuki Kizashi, India's first sports luxury sedan. It sports a 2.4 litre engine and is endowed with best-in-class features. The company developed in-house i-GPI (Integrated Gas Port Injection) Technology and launched factory-fitted CNG variants for five of its models: Alto, WagonR, Eeco, Estilo and SX4. During the year 2011-12, the company started the work to commission another diesel engine plant of 300,000 annual capacity in Gurgaon. At the 2012 Delhi Auto Expo, the Company unveiled the Ertiga - Life Utility Vehicle. The global premiere of Ertiga marks the entry of the company in the UV segment, which will help further strengthen its leadership position in the industry. The company also showcased the XA-Alpha, a concept compact SUV. During the year 2012-13, the company started the work on the Gujarat site. During this period, Suzuki Japan decided that India will now be responsible for the export markets of Africa, the Middle East and its neighbouring countries. The company has to ensure adequate sales and marketing arrangements in these countries, with the help of Japan. It also has to determine the products to be manufactured for these markets and, if necessary, establish assembly plants overseas. This decision will greatly help the growth of its exports. In 2014-15, Maruti launched a successful sedan, Ciaz model cars. The S-Cross creates a new market segment which combines the comfort and luxury of a sedan with the power and styling of an SUV. Both these products have been enriched with a number of premium features and enhanced performance levels. In January this year, the Hon'ble Chief Minister of Gujarat, laid the foundation stone of the Gujarat plant. During the year 2015-16, two new products introduced by the company, namely the Baleno and the Brezza, exceeded its expectations of demand, and both cars had a waiting period of 6-7 months. On 4 October 2016, Maruti Suzuki announced that its premium hatchback Baleno has crossed cumulative domestic sale of one lakh units. On 18 May 2016, Maruti Suzuki announced the launch of an updated version of its small car Alto 800 with more attractive front design, fresh interiors, vibrant colours, higher fuel efficiency and new features. On 27 May 2016, Maruti Suzuki announced that it will proactively and voluntarily recall 75,419 Baleno cars (petrol and diesel) manufactured between 3 August 2015 and 17 May 2016 to upgrade the airbag controller software. Of these, 15,995 Baleno diesel cars manufactured between 3 August 2015 and 22 March 2016 will also be attended to for inspection and replacement of a faulty fuel filter. The Baleno cars covered in the recall include 17,231 units of exports. In addition, 1,961 DZire diesel cars (only AGS variant) will be attended to for inspection and replacement of a faulty fuel filter. On 27 May 2016, Maruti Suzuki announced that it had begun exports of its Light Commercial Vehicle Super Carry to South Africa and Tanzania. At that time, the company said that it also plans to export the vehicle to SAARC nations in due course. On 6 July 2016, Maruti Suzuki announced that its popular premium mid-size sedan Ciaz has crossed one lakh cumulative sales mark in the domestic market. The car was lunched in October 2014. On 28 July 2016, Maruti Suzuki announced that its premium retail showroom under the NEXA brand has completed one year of operations. At that time, the company said that NEXA is expected to contribute 15% of its sales by 2020. Maruti Suzuki announced increase in prices of select models ranging from Rs 1,500 to Rs 5,000 (Ex-showroom Delhi) with effect from 1 August 2016. It also announced increase in price by up to Rs 20,000 for Vitara Brezza and up to Rs 10,000 for Baleno. The company attributed the price hike to factors like segment wise demand, foreign exchange movements and strategic objectives of the company. On 12 August 2016, Maruti Suzuki announced that the cumulative enrollment at its various driving training facilities has touched a record 3 million since it started driving training in the year 2000. On 30 August 2016, Maruti Suzuki announced the launch of limited edition of its most popular hatchback Swift as Swift Deca. On 1 September 2016, Maruti Suzuki announced the launch of its first light commercial vehicle (LCV) Super Carry in the domestic market. The company has invested about Rs 300 crore towards the development of the Super Carry. On 15 September 2016, Maruti Suzuki announced that it has signed a Memorandum of Understanding (MoU) with Uber India to train over 30,000 individuals/Uber partner-drivers in safe driving over a period of 3 years. On 23 September 2016, Maruti Suzuki announced that it has attained cumulative exports of 15 lakh vehicles. These vehicles have been exported to over 100 countries including Europe, Latin America and Africa. On 15 November 2016, Maruti Suzuki announced that it will set up a first-of-its-kind Industrial Training Institute in Mehsana, Gujarat. On 25 November 2016, Maruti Suzuki announced the launch of limited edition of its small car Wagon R as Wagon R Felicity with an array of new features. On 9 December 2016, Maruti Suzuki India signed a Memorandum of Understanding (MoU) with Ola, the online cab aggregator, to train aspiring Ola driver-partners. The company said that its partnership with Ola will create entrepreneurship opportunities for aspiring Ola drivers-partners. On 13 January 2017, Maruti Suzuki India announced the launch of IGNIS, its premium urban compact vehicle for the millennials. The company, alongwith its suppliers, has invested over Rs 950 crore towards the development of IGNIS. IGNIS has 98.5% localization. On 27 January 2017, Maruti Suzuki announced the launch of a new VXi+ variant of its small car WagonR with a wide array of new features including Projector headlamps, stylish front grill, alloy wheels and side skirts, Dual Airbags, Anti-Lock braking System with Electronic brake - force distribution system, as optional. Maruti Suzuki announced a price hike ranging from Rs 1,500 to Rs 8,014 (Ex-showroom Delhi) across models with effect from 27 January 2017 due to increase in commodity, transportation and administrative costs. On 30 January 2017, Maruti Suzuki inaugurated its 200th premium retail showroom NEXA in the country at Hyderabad. At that time, the company said that NEXA is now present in 121 cities and had already sold over 1.85 lakh vehicles since its inception. On 15 February 2017, Maruti Suzuki announced the launch of limited edition of its compact multi purpose vehicle Ertiga. On 20 February 2017, Maruti Suzuki announced that its two Smart Hybrid vehicles viz. Ciaz SHVS and Ertiga SHVS have crossed cumulative sales of 1 lakh units. Smart Hybrid Vehicle by Suzuki (SHVS) is a technology which uses an integrated starter generator and an advanced high capacity battery to supplement the engine's power. SHVS technology makes it more efficient than the conventional set-up and saves energy while decelerating/braking. On 2 March 2017, Maruti Suzuki announced that its popular urban sports utility vehicle Vitara Brezza crossed one lakh cumulative sales milestone in the domestic market. On 27 March 2017, Maruti Suzuki announced that its popular urban sports utility vehicle Vitara Brezza has clocked sales of over 1.1 lakh units in the first year of its launch. On 31 March 2017, Maruti Suzuki announced that its popular midsize sedan Ciaz will be sold exclusively through its premium retail outlets NEXA from 1 April 2017. On 16 May 2017, Maruti Suzuki announced the launch of updated version of its sedan Dzire. On 25 May 2017, Maruti Suzuki announced that it has decided to set up automobile skill enhancement centres across 15 government-run Industrial Training Institutes (ITIs) across 11 states over a period of three months. On 1 July 2017, Maruti Suzuki announced that it has passed on the entire benefit of the goods and services tax (GST) rates on vehicles to its customers and as a result the ex-showroom prices of Maruti Suzuki models were cut by upto 3% with effect from 1 July 2017. However, owing to withdrawal of tax concessions on mild hybrid vehicles, the price of Smart Hybrid Ciaz Diesel model and Smart Hybrid Ertiga Diesel has increased. On 7 July 2017, Maruti Suzuki announced that the National Company Law Tribunal (NCLT) has approved the scheme of amalgamation of Maruti Suzuki India Limited and seven of its wholly owned subsidiary companies viz. Maruti Insurance Business Agency Limited, Maruti Insurance Distribution Services Limited, Maruti Insurance Agency Network Limited, Maruti Insurance Agency Solutions Limited, Maruti Insurance Agency Services Limited, Maruti Insurance Agency Logistics Limited and Maruti Insurance Broker Limited. On 3 August 2017, Maruti Suzuki announced the introduction of auto gear shift option in its top-end Alpha variant of its premium urban compact vehicle IGNIS. On 10 August 2017, Maruti Suzuki announced a complete revamp of its True Value operations, designed to make pre-owned cars more attractive and transparent to customers. On 30 August 2017, Maruti Suzuki announced transformation of its retail network across India. The new showrooms, christened Maruti Suzuki ARENA, will sport modern looks and offer a warm, friendly and comfortable environment to the customers. On 29 September 2017, Maruti Suzuki announced the launch of parent Suzuki Motor Corporation's global ECSTAR brand of lubricants, coolants, and car care products in India. On 1 October 2017, Maruti Suzuki announced the launch of new version of its premium urban offering S-Cross. Maruti further said at that time that it has sold over 53,000 units of S-Cross in the domestic market and exported over 4,600 units since its launch in August 2015. On 5 October 2017, Maruti Suzuki announced the launch of a refreshed version of its compact car Celerio. Maruti further said at that time that Celerio has achieved the three-lakh sales mark within a short span of less than four years. On 1 December 2017, Maruti Suzuki announced the launch of the bold, sporty and trendy CelerioX compact car. The model is an extension of Maruti's Celerio compact car. On 27 December 2017, Maruti Suzuki announced that it has entered into an agreement with the Government of NCT of Delhi to set up state-of-the-art Automated Driving Test Centres across 12 locations in the city. The company will invest approximately Rs 15 crore for setting up the driving test centres. While Maruti Suzuki will set up the centres and maintain them for three years, the Transport Department will conduct the tests and issue driving licenses to eligible applicants. Maruti Suzuki announced price increase ranging from Rs 1,700 to Rs 17,000 (Ex-Showroom - Delhi) across models with effect from 10 January 2018, owing to increase in commodity and other administrative and distribution costs. At the time of approval of Q3 December 2017 results on 25 January 2018, the Board of Directors of Maruti Suzuki discussed and approved a revision in the method of calculating royalty payment to Japanese parent Suzuki Motor Corporation that would result in lower royalty payments for Maruti Suzuki for new model agreements starting the Ignis. This would be implemented after approval by the Board of Suzuki Motor Corporation. On 7 February 2018, Maruti Suzuki showcased new compact car ConceptFutureS at Delhi Auto Expo 2018 in New Delhi. On 8 February 2018, Maruti Suzuki announced the launch of an updated version of its premium hatchback Swift at Auto Expo 2018 in New Delhi. The all-new Swift comes offers the acclaimed auto gear shift technology for the convenience of customers. Built on Suzuki's innovative 5th generation HEARTECT platform, the all-new Swift has a superior power to weight ratio with an improved acceleration performance. During 2017-18,the company posted a volume growth of 13.8% in passenger vehicles in the domestic market including the LCV and the company's domestic sales growth stood at 14.5%.During the year,the company added 203 dealer workshops to the network which is the highest ever in a single financial year.The company has 3403 service workshops covering 1659 cities across the country. During the FY 2018-19,the company posted a volume growth of 5.3% in passenger vehicles in the domestic market,including the LCV segment.The company's domestic sales growth stood at 6.1%. During the year,the business partnership between Suzuki Motor Corporation and Toyota Motor Corporation,Japan started taking place.The company is likely to benefit immensely from this partnership by gaining access to the new-age technologies and from the mutual supply of vehicles. During the fiscal 2020,the company registered an overall volume decline of 16.1% due to weak demand environment in both the domestic and export markets.The company's operations were suspended in the latter part of March 2020 due to unprecedented COVID-19 outbreak which lead to a nationwide shutdown of economic activities. During the year,250 service workshops were added to the network,which is the highest ever in a single financial year,taking the total number of workshops to 3864 covering 1914 cities across the country.

Maruti Suzuki India Ltd Directors Reports

Your Directors have pleasure in presenting the 40th annual report together with the audited financial statements for the year ended 31st March, 2021.

Financial Results

The Company's financial performance during 2020-21 as compared to the previous year 2019-20 is summarised below:

Particulars 2020-21 2019-20
Total revenue 732,789 790,314
Profit 51,594 70,648
Tax expense 9,297 14,142
Profit aftertax 42,297 56,506
Retained Earnings
Balance at the beginning of the year 432,385 407,016
Profit for the 42,297 56,506
Other comprehensive income arising from remeasurement of defined benefit obligation* 408 (518)
Amount transferred to employee welfare fund (565) (750)
Income on employee welfare fund (108) (117)
Expenses on employee welfare fund 14 132
Amount transferred to scientific research fund (565) (750)
Payment of dividend on equity shares (18,125) (24,166)
Corporate dividend tax paid - -
Balance at the end of the year 455,741 432,385

*net of deferred tax liabilities of Rs.137 million (previous year includes deferred tax assets of Rs.200 million)

Financial Highlights

The total revenue was Rs.732,789 million as against Rs.790,314 million in the previous year showing a decrease of 7.28%. Sale of vehicles in the domestic market was 1,361,722 units as compared to 1,461,126 units in the previous year showing a decrease of 6.80%. Total number of vehicles exported was 96,139 units as compared to 102,171 units in the previous year showing a decrease of 5.90%

Profit before tax (PBT) wasRs.51,594 million against Rs.70,648 million showing a decrease of 26.97% and profit after tax (PAT) stood at Rs.42,297 million against Rs.56,506 million in the previous year showing a decrease of 25.15%.

Dividend

The Board recommends a dividend of Rs.45/- per equity share of Rs.5/- each for the year ended 31st March, 2021 amounting to Rs.13,594 million. The Company has formulated a dividend distribution policy that forms part of the annual report.

No amount was carried to General Reserve.

Operational Highlights

The operations are exhaustively discussed in the ‘Management

Discussion and Analysis' forming part of the annual report.

Consolidated Financial Statements

In accordance with Indian Accounting Standard (IND AS) - 110 on Consolidated Financial Statements read with Indian Accounting Standard (IND AS) - 28 on Investments in Associates and Joint Ventures, the audited consolidated financial statements are provided in the annual report.

A report containing the names of the companies which have become or ceased to become subsidiaries, joint ventures and associates, their performance, financial position and their contribution to the overall performance of the Company as required by the Companies Act, 2013 (‘Act') is provided as an annexure to the consolidated financial statements and hence are not repeated here for the purpose of brevity. (Form AOC-1)

Annual Return

The annual return of the Company is available on its website at https://www.marutisuzuki.com/corporate/investors/company-reports.

Material Subsidiaries

In accordance with Regulation 16(1)(c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations'), the Company has a policy for determining material subsidiaries. The policy is available on its website at https://marutistoragenew.blob.core.windows.net/msilintiwebpdf/ Policy_on_Subsidiary_Companies.pdf

Particulars of Loans, Guarantees and Investments

Details of loans, guarantees and investments, if any, covered under the provisions of Section 186 of the Act are given in the notes forming part of the financial statements.

Board Meetings

A calendar of meetings is prepared and circulated in advance to the Directors. During the year, five board meetings were held, the details of which are given in the Corporate Governance Report.

Audit Committee

For composition of the audit committee, please refer to the Corporate Governance Report.

Independent Directors

The Company has received declarations of independence in accordance with the provisions of Section 149 of the Act and

Listing Regulations from all the Independent Directors. Under the relevant provisions of the Act and the Listing Regulations, one separate meeting of the Independent Directors was held during 2020-21. The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience and expertise and hold highest standards of integrity. The details of the familiarization programmes for the Independent

Directors are available on the website of the Company at https://marutistoragenew.blob.core.windows.net/msilintiwebpdf/

Familiarization_Programme.pdf

Directors' Responsibility Statement

To the best of their knowledge and belief and according to the information and explanations obtained, in terms of Section 134 of the Act, your Directors state that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;

b) such accounting policies have been selected and applied consistently and judgments and estimates made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the annual accounts have been prepared on a going concern basis;

e) internal financial controls were followed by the Company and they are adequate and are operating effectively; and

f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

Directors and Key Managerial Personnel (KMP)

Mr. T. Suzuki and Mr. Kinji Saito shall retire by rotation in the ensuing Annual General Meeting of the Company and, being eligible, have offered themselves for re-appointment. Pursuant to the withdrawal of nomination by Suzuki Motor Corporation, Mr. Takahiko Hashimoto resigned with effect from close of business hours of 27th April, 2021. Mr. Shigetoshi Torii was appointed as a Director to fill the casual vacancy caused by the resignation of Mr. Takahiko Hashimoto and also Whole-time Director designated as Joint Managing Director (Production and Supply Chain) with effect from 28th April, 2021 for a period of three years till 27th April, 2024. Mr. Hisashi Takeuchi was appointed as a Whole-time Director designated as Joint Managing Director (Commercial) with effect from 28th April, 2021 for a period of three years till 27th April, 2024.

Risk Management

Pursuant to Regulation 21 of the Listing Regulations, the Company has a Risk Management Committee, the details of which are given in the Corporate Governance Report. The Company has a Risk

Management Policy and identified risks and taken appropriate steps for their mitigation. For more details, please refer to the Management Discussion and Analysis (MD&A).

Internal Financial Controls

Internal financial controls have been discussed under ‘CEO/CFO Certification' in the Corporate Governance Report.

Vigil Mechanism

The Company has in place an established and effective mechanism called the Whistle Blower Policy (Policy). The mechanism under the Policy has been appropriately communicated within the organisation. The purpose of this Policy is to provide a framework to promote responsible whistle blowing by employees. It protects employees wishing to raise concerns about serious irregularities, unethical behavior, actual or suspected fraud within the Company.

The Chairman of the audit committee is the ombudsperson and direct access has been provided to the employees to contact him through e-mail, post and telephone for reporting any matter.

Related Party Transactions

The Company has a policy on related party transactions which is available on the Company's website at https://marutistoragenew. blob.core.windows.net/msilintiwebpdf/Policy_on_Related_ Party_Transactions.pdf. In terms of Section 134(3)(h) of the Act read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, there was no transaction to be reported in Form AOC 2. The disclosure with respect to the transactions with promoter and promoter group which is holding 10% or more of the shareholding in the Company are given in the notes forming part of the financial statements.

Performance Evaluation

Pursuant to the provisions of the Act and the Listing Regulations, the annual performance evaluation of the Board, its committees and the Directors was carried out as per the Nomination and Remuneration Policy of the Company. The evaluation of the performance of the Board, its Chairman and the Non-independent Directors was carried out by the Independent

Directors. The evaluation of the performance of the Directors individually was done by the Nomination and Remuneration

Committee and the evaluation of the performance of the Board, its committees and the individual Directors was done by the

Board. The criteria for the evaluation of individual Directors included a) the extent of engagement and contribution to the affairs of the Company including by way of attendance in Board and committee meetings; b) ability to discharge their duties and obligations diligently in the best interest of the Company; c) ability to provide effective leadership and checks and balances towards sustaining the highest levels of corporate governance; d) exercise duty of care and skill in the discharge of their functions; e) exercise independence of judgment and bring about objectivity to the Board process; and f) safeguarding the interest of all the stakeholders specially the minority shareholders. The evaluation criteria of the performance of the Board and its committees included, inter-alia, their culture and management with various factors like environment of discussion, their roles and responsibilities, effectiveness to govern the organisation, diversity, expertise, experience, independence of Directors, integrity, their composition, attendance, participation levels, bringing specialised knowledge for decision making, smooth functioning, effective decision making, terms of reference, conduct of committees and frequency of meetings, etc. The

Directors expressed their satisfaction with the evaluation process. The Board also noted that the Independent Directors had fulfilled the independence criteria as specified in the Listing Regulations and were independent from the management.

Nomination and Remuneration Policy

The Nomination and Remuneration Policy is attached as

Annexure A.

Corporate Social Responsibility (CSR)

The annual report on CSR activities containing details of CSR Policy, composition of the CSR Committee and other prescribed details are given in Annexure B.

Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has in place an Anti- Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and has also complied with its provisions relating to the constitution of Internal Complaints Committee to redress complaints received regarding sexual harassment.

The status of the complaints received by the Company during the year is as under:

a) Numberofcomplaintsfiled 2
b) Number of complaints disposed of 2
c) Number of complaints pending as on the end of financial 0

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Information in accordance with Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 is attached as Annexure C.

Corporate Governance

The Company has complied with the corporate governance requirements, as stipulated under the Listing Regulations.

A certificate of compliance by auditors shall form part of the annual report.

Secretarial Audit Report

In accordance with the provisions of Section 204 of the Act read with The Companies (Appointment and Remuneration of

Managerial Personnel) Rules, 2014, the Board appointed M/s

RMG & Associates, a firm of Company Secretaries in practice to undertake the Secretarial Audit for 2020-21. The report on secretarial audit is attached as Annexure D. The report does not contain any qualification.

Secretarial Standards

The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India.

Management Discussion and Analysis Report

The annual report has a detailed report on Management Discussion and Analysis.

Personnel

As required under the provisions of Section 197 of the Act read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the particulars of the employees are set out in Annexure E. However, as per the provisions of Section 136 of the Act, the annual report is being sent to all the members of the Company excluding the aforesaid information. The said information is available for inspection by the members at the registered office of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write to the Company Secretary at the registered office of the Company. at

Cost Auditors and Records

In accordance with the provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, M/s

R.J. Goel & Co., Cost Accountants, New Delhi (Registration No. 000026) were appointed as the Cost Auditors of the Company to carry out the cost audit for 2021-22. The maintenance of cost records as specified by the Central Government under Section 148(1) of the Act is required by the Company and such accounts and records are made and maintained.

Auditors

The auditors, M/s Deloitte Haskins & Sells LLP (“Deloitte”) were appointed in the 35th Annual General Meeting and hold their office till the conclusion of the 40 th Annual General Meeting. A certificate has been obtained from Deloitte to the effect that the Company is in compliance with the conditions of Foreign Direct Investment for the downstream investment made by the Company. As per the provisions of Section 139 of the Act, the

Board has recommended re-appointment of Deloitte as auditors of the Company from the conclusion of the 40th Annual General Meeting (AGM) till the conclusion of 45th AGM for approval of the members.

CRISIL Ratings

The Company was awarded the highest financial credit rating of

AAA/stable (long term) and A1+ (short term) on its bank facilities by CRISIL. The rating underscores the financial strength of the Company in terms of the highest safety with regard to timely fulfillment of its financial obligations.

Quality

The Company has established and is maintaining an environment management system. During the year, re-certification audit for ISO-14001 was carried out by M/s VINCOTTE nv, Belgium for the manufacturing plants located at Gurugram, Manesar and R&D Centre in Rohtak. The auditors recommended continuance of

ISO-14001 for all manufacturing facilities.

The quality management system of the Company is certified as per ISO 9001:2015 standard. Regular assessments of the quality systems are done through surveillance audits and re-certification assessments are done at every three years by an accredited third party agency. The Company has an internal assessment mechanism to verify and ensure adherence to defined quality systems across the Company.

Awards/Recognition/Rankings

The Company received many awards/recognitions/rankings during the year. Some of these are mentioned hereunder:

a) Mr. Kenichi Ayukawa, MD & CEO was awarded the ‘Best CEO Large Companies' for the fifth time in a row at Business Today Best CEO Award.

b) WagonR won the Hatchback of the Year Award at Motoring World Awards 2020.

c) ‘Car Manufacturer of the year 2020' award by Jagran hiTech Awards 2020.

d) Exemplary Business Adaptation during COVID-19 award by Grant Thornton Bharat SABERA.

e) Green Initiative of the Year was awarded to The Mission Green Million initiative.

f) Three India Digital Awards by IAMAI:

i) Gold: Best Mobile Search Campaign (Category) ii) Silver: Best use of Mobile for content Marketing

(Category)

iii) Bronze: Best use of AR/VR in a Marketing campaign (Category)

g) Manufacturer of the Year award by Car India and Bike India.

Acknowledgment

The Board of Directors would like to express its sincere thanks for the co-operation and advice received from the Government of India, the State Governments of Haryana and Gujarat. Your

Directors also take this opportunity to place on record their gratitude for timely and valuable assistance and support received from Suzuki Motor Corporation, Japan. The Board also places on record its appreciation for the enthusiastic co-operation, hard work and dedication of all the employees of the Company including the Japanese staff, dealers, vendors, customers, business associates, auto finance companies, state government authorities and all concerned without which it would not have been possible to achieve all round progress and growth of the

Company. The Directors are thankful to the members for their continued patronage.

For and on behalf of the Board of Directors

R.C. Bhargava Kenichi Ayukawa
Chairman Managing Director & CEO
Gurugram
27th April, 2021

   

Maruti Suzuki India Ltd Company Background

R C BhargavaKenichi Ayukawa
Incorporation Year1981
Registered OfficePlot No 1 Nelson Mandela Road,Vasant Kunj
New Delhi,New Delhi-110070
Telephone91-11-46781000,Managing Director
Fax91-11-46150275
Company SecretarySanjeev Grover
AuditorDeloitte Haskins & Sells LLP
Face Value5
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarKFin Techologies Pvt Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Maruti Suzuki India Ltd Company Management

Director NameDirector DesignationYear
O Suzuki Non-Exec & Non-Independent Dir 2021
R C Bhargava Chairman (Non-Executive) 2021
D S Brar Non-Exec. & Independent Dir. 2021
Kenichi Ayukawa Managing Director & CEO 2021
Kinji Saito Non-Exec & Non-Independent Dir 2021
R P Singh Non-Exec. & Independent Dir. 2021
Toshihiro Suzuki Non-Exec & Non-Independent Dir 2021
Sanjeev Grover Company Secretary 2021
Hisashi Takeuchi WTD & Joint Managing Director 2021
Lira Goswami Non-Exec. & Independent Dir. 2021
Kenichiro Toyofuku Director (Corporate Planning) 2021
M S Sahu Non-Exec. & Independent Dir. 2021
Shigetoshi Torii WTD & Joint Managing Director 2021

Maruti Suzuki India Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
CNX500
BSEAUTO
CNX100
CNX_MNC
CNXCONSUMP
CNXAUTO
CNX200
BSEGREENEX
BSECARBONE
NFT100LQ15
NI15
NFT100EQWT
BSEALLCAP
BSELARGECA
GOODSSERVI
BSEMANUFAC
NFTQULTY30
SENSEX50
ESG100
LMI250
BSEDSI
BSELVI
NFT50EQWT
NFT100LV30
BSE100LTMC
NFTY200Q30

Maruti Suzuki India Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Passenger Cars/Vehicles No 13080001075530145786159005.9
Vehicle Spares NA 0007527.7
Recovery of Freight & Service NA 0001909.6
Service Charges NA 0001188.6
Scrap Sales NA 000420.2
Other Operating Revenues NA 000211.8
Rental Income NA 00040.2
Moulds & Dies NA 00028.5

Contact us Contact us