The worse is over for Maruti as volumes pick up pace despite weak demand

While bottoming out of volumes is a positive, the company has also been able to keep its inventory levels under check

After falling 30 per cent over the last year, Maruti Suzuki has recovered most of its losses and is now trading at only 6 per cent lower than year-ago levels.

The recovery, which started in August, has gathered pace despite the worsening demand and volume conditions over the past few months and the challenges related to the transition to BSVI emission norms.

The key trigger for the stock is improving expectations of volume growth. After four consecutive quarters of de-growth because of economic slowdown and higher cost ownership, there has been a marginal uptick in volumes since the start of