ICICI Direct: Maruti Suzuki Q2 Review - Margin Headwinds Lie Ahead, Valuation Concerns Prevail
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ICICI Direct Report
Maruti Suzuki India Ltd. posted steady Q2 FY21 results. Total operating income was at Rs 18,475 crore, up 10.4% YoY (volumes up 16.2% YoY to 3.9 lakh units with domestic volumes up 18.6%, exports down 13%).
Average selling prices surprised negatively, coming in at Rs 4.5 lakh/unit, down 5.6% YoY – pointing to some element of down-trading.
Ebitda margins at 10.3% were up 80 basis points YoY. Savings were realised on raw material costs front but the same was negated, to an extent, through higher other expenses.
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