Maruti Suzuki India, the country's largest carmaker, today reported its Q1 FY2020 results. The company has reported a revenue of Rs 18,735 crore, a drop of 14.1 percent compared to the same period last year. Its profits see a sharp decline of 27.3 percent at Rs 1,435 crore.
The company says the profits were affected largely on account of lower sales volume and higher depreciation expenses.
The Indian auto retail market has been reeling under the stress of slowdown, low demand and weak consumer sentiment. The carmaker has been working hard to meet the upcoming BS VI norms. With a a large product portfolio, the company's R&D and engineering team along with its marketing team has a huge task in front of them.
During the first quarter of FY2020, Maruti Suzuki sold a total of 402,594 vehicles, lower by 17.9 percent compared to the same period a year ago. While domestic sales comprised 374,481 units (-19.3%), exports accounted for 28,113 units.
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Maruti Suzuki's poor run persists: 111,014 units in June (-17%), 363,417 units in Q1 (-21%)