Dolat Capital: Maruti Suzuki Q2 Review- Showing Promising Recovery
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Dolat Capital Report
Driven by increasing preference for personal mobility, better financing availability and strong rural pick up, Maruti Suzuki India Ltd. printed strong numbers in Q2 FY21.
Ebitda grew 20% YoY to Rs 19.3 billion with expanded margin at 10.3% (up 86 basis points YoY) led by lower discounts ( Rs 17,300 per vehicle versus Rs 25,000 in Q2 last year) and cost control measures, partially offset by commodity inflation and adverse forex movement.
Passenger vehicle demand has recovered in the past two-three months and dealer confidence has improved materially after strong Navratri sales, this augurs well for channel restocking ahead of the Diwali and Dhanteras.
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