Nissan overtakes Maruti to become India’s second biggest car exporter, according to new study.
India’s biggest carmaker Maruti Suzuki India posted a 35% decline in profit, coming in below expectations, as the effects of a persistent slump and price discounts were worsened by the consequences of a government plan aimed paradoxically at boosting sales. The stock fell over 3% before recouping some losses, perhaps encouraged by the company posting record annual profit.
Maruti posted a March quarter profit of 800 crore, down from 1,240 crore in the year earlier and against expectations of 910-950 crore. It was hit by lower volumes with the economy showing little signs of revival, higher expenditure on sales promotion and compensation to dealers for a reduction in excise.
Contributed By Ritu