Maruti Suzuki India Ltd., India’s largest carmaker by market share, posted a lower-than-expected quarterly profit squeezed by higher raw material prices. Shares fell.

Maruti sold a total of 566,213 vehicles during the quarter, which was up 13% compared to the same period last year. Of these, 466,993 units were sold in the domestic market, up 8.74%. Exports at 99,220 units was up 38% and its highest-ever quarterly export numbers.

The automobile major reported a double-digit rise in profit figure as sales volume rose 13% in the quarter ending December