Maruti Suzuki reported 28% lower net profits at Rs. 1292 crore for the Mar-20 quarter. The cut could have been higher had it not been for the tax cuts offered by the government. Weak numbers were hardly a surprise as autos have been under pressure for some time now. Profit was lower on account of lower sales volume and higher sales promotion expenses. However, this was partially offset by cost cuts and reduction in corporate tax rate. Revenues fell 15.2% at Rs.18,199 crore for the Marr-20 quarter as volumes slipped 16% to 3.85 lakh vehicles in the quarter. EBITDA margins contracted 210 bps to 8.5% in the Mar-20 quarter. Full year profits fell 24.7% to Rs.5651 crore. While the nationwide lockdown has been lifted, logistics and labour availability remain a big challenge for the company.