MSIL’s top-line grew by 1% yoy to Rs. 21,459cr on the back of price hikes (up 2% yoy). Overall volume growth declined by 0.7% yoy, mainly due to weak domestic market conditions and sluggish export markets during the quarter.
Maruti Suzuki India’s (MSIL’s) 3QFY19 earnings were 14% below our estimate because of weak margins on account of higher discounts, higher advertisement spending during the quarter and also higher input costs.
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