Covid-19: Maruti Suzuki India’s Q4 profit slumps 28% on weak demand

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.

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.

Domestic unit sales of Maruti Suzuki dropped 16% to 360,428 vehicles for the quarter ended March 31 from a year earlier. (Reuters file photo)

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.