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.
Systematix Research Report
Maruti Suzuki India Ltd.'s Q4 FY22 Ebitda margin of 9.1% (up 240 basis points QoQ) was ahead of consensus and our estimate due to a sharp improvement in gross margin (however raw material costs are again inching up).
The management highlighted that demand momentum remains strong with the order book exceeding 320,000 units (as of April 2022) amid supply chain constraints.
The management expects commodity prices to strengthen again in H1 FY23 which should be partially offset by Yen depreciation (Yen exposure is ~15-18% of sales).
Maruti Suzuki has planned several launches over the next 12 months, including three new products in the fast-growing sports utility vehicle segment (media article), which should help stabilise its market share (lost ~500 basis points in FY22).
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