India, April 19 -- Japanese auto giant Nissan said Friday it had lowered its sales and profit forecasts for the fiscal year that ended on March 31, citing higher costs.

"The forecast sales volume has been lowered to 3.44 million units, net revenue to 12.6 trillion yen , and operating profit to 530 billion yen. Net income is expected to reach 370 billion yen for fiscal year 2023," it said in a statement.

The firm previously estimated revenue of 13 trillion yen, operating profit of 620 billion and net income of 390 billion.

The firm said the revision was made because of lower sales volumes and higher costs paid to suppliers and other factors.

Nissan had already in February lowered its unit sales volume projection from 3.7 million to 3.5...