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.
Axis Securities Report
Maruti Suzuki India Ltd.'s Q4 FY22 performance came in ahead of our expectations on the margin front, aided by operating leverage benefits, lower discounts, and price hikes.
Improvement in the average realisation by 12% YoY helped Maruti Suzuki report flat revenue growth. The company’s revenue stood at Rs 26,740 crore in Q4 FY22 (our estimate - Rs 26,840 crore).
Reported Ebitda came in at Rs 2,427 crore (our estimate - Rs 2,198 crore), a 22% YoY improvement (Rs 1,991 crore in Q4 FY21).
Maruti Suzuki reported Ebitda margin of 9.1%, a 237 basis points QoQ expansion (our estimate – 8.2%).
The beat on margins was on account of operating leverage benefits, favorable product mix, lower discounts, and price hikes.
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