24 Apr 2023 , 06:15 PM
Result date: 26th April, 2023
Recommendation: Buy
Target price: Rs 10,350
Maruti Suzuki India (Maruti) is likely to post strong, double digit growth in Profit After Tax (PAT) for the March 2023 quarter. The company registered sales volume growth of 5% over the year-ago quarter and 11% sequentially. Higher sales of SUVs coupled with increase in average sales price could drive revenue growth during the quarter.
Maruti’s EBITDA margin could jump 175 basis points over the year ago quarter amid better operating leverage and seasonal fall in discounts. Appreciation in JPY is the key margin headwind.
PAT could surge 46% over the year-ago quarter.
Important management insights to watch out for:
March 2023 estimates |
YoY change |
QoQ change |
|
Volumes |
514,927 |
5.3% |
10.5% |
Revenue (Rs Million) |
320,535 |
19.9% |
10.4% |
EBITDA (Rs Million) |
34,693 |
43.0% |
22.5% |
EBITDA Margin |
10.8% |
175 bps |
107 bps |
Profit After Tax |
26,893 |
46.2% |
14.4% |
Source: IIFL Research
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