ICICI Direct: Maruti Suzuki Q2 Review - Margin Headwinds Lie Ahead, Valuation Concerns Prevail  
Maruti Suzuki vehicles stand lined up at the Maruti Suzuki India Ltd. Brand Centre in New Delhi. (Photographer: Prashanth Vishwanathan/Bloomberg)

ICICI Direct: Maruti Suzuki Q2 Review - Margin Headwinds Lie Ahead, Valuation Concerns Prevail  

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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.

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.

Click on the attachment to read the full report:

ICICI Direct Maruti Suzuki Q2FY21 Result Update.pdf

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