BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Maruti Suzuki India Ltd.’s Q3 FY21 operating performance was impacted by higher costs, which more than off-set operating leverage benefits.
While the demand environment is strong, cost absorption would be gradual keeping margin in check for FY22.
Revenue/Ebitda/profit after tax grew 13%/6%/24% YoY in Q3 FY21 to approximately Rs 234.5 billion/Rs 22.3 billion/Rs 19.4 bilion. The same in nine-month FY21 fell 19.3%/43%/30%
We lower our FY21E/FY22E earning per share by 6%/2% to factor in higher cost, which is diluted by volume upgrades, lower depreciation, and higher other income.
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