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.
Prabhudas Lilladher Report
For Q3 FY21, Maruti Suzuki India Ltd. reported lower than estimated Ebitda at Rs 22.3 billion (our estimate Rs 25.6 billion) led by the combined impact of -
- Raw material inflation (up 330 basis point QoQ),
- weak product mix and
- unfavourable forex.
However higher other income at Rs 9.9 billion (our estimate Rs 6.8 billion) boosted adjusted profit after tax at Rs 19.4 billion (Rs 18.5 billion).
The recent price hike should partially dilute raw material inflation in Q4, however we expect gross margins to remain under pressure.
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