Maruti Suzuki India Limited's (MSIL) Q4FY2020 results were lower than our as well as consensus estimates. MSIL posted lower-than-expected margins on account of subdued capacity utilisation and higher discounts. Volumes are expected to remain under pressure in the near term due to weak consumer sentiment and subdued economic activity because of COVID-19. Demand normalisation would take time as pick-up in economic activity and consumer sentiments would be gradual. Hence,...