Maruti Suzuki India Ltd (MSIL) posted a weak set of numbers in Q4FY20 on the back of 16% volume decline and weak sentiments. The company had to write-off a cost of 125 cr associated with BS4 discontinuation in Q4. Margins came in at 8.5%, lowest since last seven years. These were lower by 680 bps and 170 bps, yoy and qoq respectively. This was on the back of low capacity utilization, higher discounts and advertising expenses. Revenues de-grew by 15.2% yoy and 12.1% qoq in line with higher volume decline. EBITDA plunged by 32% yoy and 26.4% qoq as employee costs to sales (4.8% v/s 3.9% yoy) and other expenses to sales (17.7% v/s 14.3% yoy) all increased on negative operating leverage and higher advertising and marketing expenses. PAT came in at 12.97 bn down...