HDFC Securities: Maruti Suzuki Q2 Review - Strong Start To The Festive Season
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HDFC Securities Report
Maruti Suzuki India Ltd. reported double-digit margin (10.3%) in Q2, which was 80 basis points higher YoY due to improved operating leverage.
The festive season has received an encouraging response with retails up 27% YoY to 96,700 units over the Navratri period.
Maruti continues to benefit from its dominance in the entry level segment, with the share of first-time buyers increasing to 48% (from 43% YoY).
System inventories remain comfortably below the normalised level of 30 days.
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