Maruti Suzuki India Ltd, India's biggest carmaker, aims to sell more cars overseas to offset slowing demand at home, where it expects sales to grow 5% or less in the current financial year.

The company said it expects discounts on car prices to increase in the current quarter to combat weak demand.

Maruti accounts for more than 40% of all passenger vehicles sold in the country, down from more than 50% as it faces increasing competition from foreign makers in a market that has fallen for eight straight months - down from double-digit growth just two years ago.

The company told analysts exports are high on its agenda, adding it wants to expand in existing markets with more products.

However, Maruti expects export volumes, which accounted for 8% of sales of 266,434 vehicles in the last quarter, to be flat for the current financial year.