Suzuki Plc on Thursday has slashed its FY20 net sales guidance by 10 percent and profit guidance by 30 percent.
Maruti Suzuki, India's largest carmaker and a subsidiary of Suzuki, has been hit by the slowdown and the growth forecast was cut because of two main reasons.
One, there has been a big fall in the Japanese production and second is Indian auto slowdown. Suzuki has mentioned that their previous forecast in terms of net sales was about 390 million yen and now that falls to about 350 million yen.
So in terms of overall guidance, it has been cut substantially both on the profit as well as on the revenue side because of a cut in Japanese production as well as the slowdown in the Indian auto sector.