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Maruti Suzuki posts first dip in net profit in 17 quarters
New Delhi, Nov. 2 -- Maruti Suzuki India Ltd posted the first decline in net profit after 17 quarters as car sales stayed weak due to rising auto fuel prices, higher loan rates and worsening macro-economic factors. India's largest carmaker by sales was also hit by higher raw material costs, and depreciation and amortization expense. Maruti's quarterly performance is an indicator of the tough road ahead in the second half of the fiscal as it is considered a bellwether for the Indian automobile industry. Senior executives at the Suzuki Motor Corp. unit have maintained the aim of recording a double-digit sales growth this financial year. They said, however, that the fiscal second half will continue to witness slowing down of retail sales and w...
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