Maruti Suzuki India on Thursday reported a 5% year-on-year decline in its net profit at Rs 1,795.6 crore recorded in the January-March quarter, dented by weak operating performance and muted sales volume. The drop, however, was lower than street estimates. Maruti, the country\u2019s largest passenger vehicle manufacturer, was also able to beat estimates with regard to revenue from operations, which grew by 1.4% y-o-y to Rs 21,459.4 crore with sales volume de-growth of 0.7% on a y-o-y basis. Also read:\u00a0Why Tiger Global is hunting for enterprise technology startups However, the company missed estimates on the Ebitda and margin front. Earnings before interest, tax, depreciation and amortisation (Ebitda) declined 25% y-o-y to Rs 2,263.4 crore and margin contracted 365 bps to 10.55% during the quarter, hit by adverse forex variations. Realisation per vehicle dropped to Rs 4.52 lakh during the quarter against Rs 4.59 lakh in the preceding quarter and Rs 4.58 lakh in same period last year. \u201cThis quarter was marked by adverse foreign exchange rates and commodity prices, higher depreciation and higher sales promotion expenses partially offset by cost reduction efforts\u201d the company said. \u201cWe sold a total of 4,28,863 units in the domestic market, a growth of 0.4%. This comprised 4,21,383 units in passenger vehicle segment, a decline of 0.4% and 7,480 units of LCV, a growth of 83.6% over previous year. Exports were at 29,616 units,\u201d Maruti said. Other income during the quarter increased sharply by 46% y-o-y to Rs 867.7 crore while finance cost dropped sharply to Rs 8.8 crore (from Rs 273 crore y-o-y) and tax expenses declined 31% to Rs 516.5 crore during the quarter. Maruti said this was a difficult year because of adverse foreign exchange rates and increase in commodity prices. \u201cThe second SMG plant in Gujarat was commissioned leading to a higher depreciation expenses. The overall market was slow and had to be supported by higher sales promotion expenses. This was partially offset by cost reduction efforts,\u201d the company added. Net profit for the fiscal year at Rs 7,500.6 crore was lower by 2.9% while net sales increased 6.3% to Rs 83,026.5 crore in FY19, compared with previous year.The company sold total of 18,62,449 vehicles during the year, registering a growth of 4.7% over previous year. Maruti, which has a cash reserves of over Rs 34,000 crore has earmarked a capital expenditure of Rs 4,500 crore for FY20. The company recommended a dividend of Rs 80 per share for financial year 2018-19, same as that of last year. Maruti\u2019s shares closed down 1.73% at Rs 6,902.95 on the BSE on Thursday.