India’s largest car manufacturer Maruti Suzuki India Limited (MSIL) has announced their Q1 result and despite all negativity in the auto industry due to hikes in interest rates, inflation and fuel prices, Maruti Suzuki registered 18% growth with net profit of Rs. 549.2 crore against last year’s Rs 465.4 crore in the same period of time.
Ajay Seth, CFO, MSIL told, “External environment was challenging from both volumes and margins perspective. Petrol prices were unprecedented and interest rate hikes hurt customer confidence.”
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