Maruti Suzuki’s Exports Hit A Bump In May
- The carmaker's exports drop 36.3 percent, year-on-year, in May.
- It is the sharpest exports drop in 11 months.
- Domestic sales continued to grow at more than 15 percent.
Maruti Suzuki Ltd.'s sales missed street estimates in May, as exports fell the most in 11 months.
The country's largest carmaker sold 1,36,962 vehicles last month, a growth of more than 11 percent compared to the same period last year. Brokerage house Motilal Oswal Securities Ltd. had estimated the sales figure to rise by more than 20 percent. Exports fell 36.3 percent versus the same month last year, according to the company's filing with stock exchanges.
Domestic sales continued to grow at a robust pace of more than 15 percent, led by the utility vehicle segment, which includes the Vitara Brezza, S-Cross, Gypsy and the Ertiga.
Passenger cars sales also grew by 15 percent in May, but it was entry level hatchback segment which consists of the Alto and the Wagon-R that saw a sharper rise than other cars like the Swift and the Dzire, which fall under the compact segment.
Sales of the carmaker's only premium sedan -- the Ciaz -- fell by nearly 9 percent.
The company's share price fell 1.1 percent to Rs 7,135 after the company announced the figures.
Also Read: Maruti Suzuki Unveils New DZire Sedan Starting At Rs 5.45 Lakh
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