INSUBCONTINENT EXCLUSIVE:
Maruti Suzuki India Ltd forecast a weak rate of growth for the current fiscal year amid an industry-wide weakening of demand, sending the
carmaker's shares down as much as 2 per cent.The country's biggest automaker, majority owned by Japan's Suzuki Motor Corp, said it
expected production and sales to grow between 4 per cent and 8 per cent for the financial year started in April
Last year, the company targeted a 10 per cent rate of growth for sales.Growing use of app-based cab services such as Ola and Uber
Technologies Inc, tighter credit and market uncertainty ahead of general elections have all weighed on the auto industry, hurting sales of
private cars.For the fourth quarter, Maruti posted a net profit that beat market expectations as cost-cuts helped offset industry-wide
challenges.However, net profit fell 4.6 per cent to Rs 1,796 crore ($256.10 million) from a year earlier and the carmaker said it sold
458,479 vehicles in the three months ended March 31, down 0.7 per cent.The result compared with the Rs 1,747 crore average of 22 analysts'
estimates compiled by Refinitiv Eikon.The New Delhi-based automaker helped raise car ownership in India nearly four decades ago with its
It has since launched a range of vehicles including the Baleno and Alto hatchbacks and the S-Cross sport utility vehicle (SUV).Total revenue
from operations rose 1.4 per cent to Rs 21,459 crore.Maruti Suzuki shares were trading 1.5 per cent lower in intraday trade
The shares touched a more than three-week low earlier.Get the latest election news, live updates and election schedule for Lok Sabha
Elections 2019 on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
