Maruti Suzuki 's Q1 net profit down 27%

Mumbai, July 26 (IANS) Automobile major Maruti Suzuki India on Friday reported a drop of 27.3 per cent in its net profit for the first quarter of 2019-20.Accordingly, the company's net profit for the quarter fell to Rs 1,435.5 crore compared to the same period previous year, largely on account of lower sales volume and higher depreciation expenses.Besides, the company's net sales declined by 14.1 per cent to Rs 18,735.2 crore from Rs 21,810.7 crore reported for the same period during the previous year."The company sold a total of 402,594 vehicles during the quarter, lower by 17.9 per cent compared to the same period previous year," the automobile major said in a statement."Sales in the domestic market stood at 374,481 units, lower by 19.3 per cent."
--IANS rv/mag/