Maruti Suzuki Ltd. reported single-digit growth in sales for the second consecutive month, as demand for its smallest cars and mid-size sedans slowed.
Total sales stood at 1.46 lakh vehicles in October, a growth of 9.5 percent compared to the same month last year, the company said in a statement to the exchanges. That compares with the 12.5 percent increase expected by analysts surveyed by BloombergQuint. India's largest automaker registered sales growth for the tenth consecutive month.
The mini segment, which includes cars like the Alto and WagonR, registered a 4.2 percent drop in sales to 32,490 vehicles. The mid-size segment, represented by Ciaz, saw a 35.4 percent decline in sales to 4,107 cars.
Maruti Suzuki's compact and utility vehicles continued to see robust demand.
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- Compact segment (Swift, Baleno, Dzire and Ritz): Sales rose 24.7 percent to 62,480 vehicles.
- Utility vehicles (Gypsy, Ertiga. S-cross and Vitara Brezza): Sales jumped 29.8 percent to 23,382 units)
Total domestic sales grew 9.9 percent to over 1.3 lakh vehicles while total exports increased 4.2 percent to 10,029 units.
The Maruti Suzuki stock fell as much as 0.62 percent to Rs 8,160 apiece after the announcement, before paring losses.
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