May 13, 2020 / 9:31 AM / 21 days ago

Maruti fourth-quarter profit slumps 28% on weak demand

BENGALURU, May 11 (Reuters) - Maruti Suzuki India’s March-quarter profit fell 28% as poor demand for cars during the period was exacerbated by a nationwide lockdown to halt the spread of the novel coronavirus, hurting sales at the country’s top-selling carmaker.

India’s largest carmaker by market value reported a net profit of 12.92 billion rupees ($171.53 million) for the March quarter, down sharply from 17.96 billion rupees in the same period a year earlier.

Domestic unit sales at the carmaker dropped 16% to 360,428 vehicles for the quarter ended March 31 from a year earlier. Sales in the final month of the quarter were particularly hit as most carmakers had to suspend operations from March 22 due to the country’s lockdown. ($1 = 75.3240 Indian rupees) (Reporting by Chandini Monnappa in Bengaluru; Editing by Anil D’Silva)

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