Maruti Suzuki India (MSIL) has delivered in line performance in 2QFY20. Its subdued performance was primarily impacted by low volume and pricing pressure amid competitive intensity. Company's volume fell by 30% YoY and 16% QoQ to 338,317 units. Its revenue fell by 24% YoY and 14% QoQ to Rs169.8bn, 3% higher than our estimates, EBIDTA margins of 9.5% (our estimate of 9.5%) contracted by 584bps YoY and 93bps QoQ. Such sharp contraction in margin happened for the third consecutive time. EBIDTA fell by 53% YoY and 22% QoQ to Rs16bn owing to higher discount, adverse exchange rate and lower volume. Its PAT declined by 39% YoY and 5% QoQ to Rs13.6bn, mainly benefited from lower tax rate. Its Other Exp/Sales rose by 133bps YoY and...