Maruti Suzuki Q3 Review - Above Our Estimate; Strong Recovery In Market Share, Margin: Motilal Oswal

Maruti Suzuki Q3 Review - Above Our Estimate; Strong Recovery In Market Share, Margin: Motilal Oswal

Customers look around a Maruti Suzuki India Ltd. showroom in Noida. (Photographer: Prashanth Vishwanathan/Bloomberg)

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Motilal Oswal Report

Maruti Suzuki India Ltd. reported a strong recovery in Q3 FY22, despite losing 90,000 units due to the semiconductor shortage. With an improvement in supplies, stability in raw material cost, and launch of new products, Maruti Suzuki is expected to recover both market share and margin.

Revenue was flat YoY but rose 13% QoQ to ~Rs 232.5 billion, Ebitda declined by 30% YoY (up 82% QoQ) to Rs 15.6 billion, and profit after tax stood at Rs 10.1 billion (down 48% YoY/up 113% QoQ).

Revenue grew 33% YoY, while Ebitda/adjusted profit after tax fell 2%/37% in nine months-FY22.

Maruti Suzuki's net realisations grew 14% YoY (flat QoQ) to Rs 539,800 (estimate: Rs 519,500) due to price hikes and lower discounts at Rs 15,200/unit (versus Rs 18,600/ 20,200 in Q2 FY22/Q3 FY21).

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Motilal Oswal Maruti Suzuki India Q3FY22 Result Update.pdf
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