Maruti Suzuki India Limited's (MSIL) posted in line results for Q1FY2020. However, management has stated that recovery in domestic PV demand is unlikely due to depressed consumer sentiment and financing crunch. Moreover, cost pressures on account of regulations, operating deleverage due to muted volumes and higher discounting because of increased competition would continue to drag margins. Earnings growth is expected to remain muted over the remainder of FY2020. We have been highlighting risk of earnings downgrade in our earlier note (dated...