New Delhi: Maruti Suzuki, India's largest car-maker, on Wednesday posted 7.1 per cent increase in total sales at 1,23,034 units in May, missing analysts estimates.
Maruti's domestic sales rose 10.6 per cent during the month to 1,13,162 units, boosted by recently-launched Vitara Brezza compact SUV and the Baleno hatchback.
Sales of Maruti's utility vehicles (Gypsy, Ertiga, S-Cross and Vitara Brezza) doubled to 13,596 units in May 2016, while sales of the compact segment comprising Swift, Estilo, Ritz, DZire and Baleno surged 11 per cent to 46,554 units. Sales of mid-sized sedan Ciaz rose 3.5 per cent to 5,188 units.
"Maruti Suzuki's sales figures for the month of May came in below estimates on the back of decline in sales of mini (WagonR and Alto) and DZire variants," said Mihir Jhaveri of Religare Capital Markets.
Sales of mini segment cars declined by 5.6 per cent to 33,105 units, an indication of rising competition in a segment long dominated by Maruti. Sales of Maruti's compact sedan DZire Tour declined by nearly 20 per cent to 2,555 units.
Nitesh Sharma of PhillipCapital said Maruti's May sales are marginally lower than estimates due to disappointment on the exports front.
Maruti's exports declined by 20.8 per cent to 9,872 units in May 2016.
PhillipCapital, which has a "buy" call on Maruti (target price of Rs 4,500), said capacity constraints could restrict a major stock outperformance despite strong demand for its products.
Maruti Suzuki shares traded 0.19 per cent lower at 4,160, underperforming the broader Nifty that traded 0.34 per cent higher.