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.
Reliance Securities Report
Maruti Suzuki India Ltd. delivered a very strong performance in Q4 FY22 as its Ebitda margin stood at 9.1% (versus our estimate of 8.1%).
Revenue increased by 11% YoY to Rs 267.4 billion, slightly lower than our estimate of Rs 268.7 billion.
Revenue growth was led by average selling price growth of 12% YoY and 1% QoQ to Rs 547,020 despite volume de-growth of 1% YoY.
Ebitda came in at Rs 24.3 billion, versus our estimate of Rs 15.2 billion due to better cost control and improved pricing.
Its profit after tax increased by 58% YoY to Rs 18.4 billion as against our estimate of Rs 15.2 billion, due to the better-than-expected operating performance.
We believe that the better product-mix, likely ease on production, price hike and stable raw material environment would support Maruti Suzuki’s margin expansion, going forward, though near-term issue related supply constraints and commodity inflation is inevitable.
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