Maruti Suzuki Q1 Review - Weak Performance In A Tough Quarter: Motilal Oswal
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Motilal Oswal Report
Maruti Suzuki India Ltd. reported a weak performance in Q1 FY22, weighed by the impact of the lockdowns on volumes as well as commodity cost inflation.
While commodity inflation would persist in Q2, there are drivers in place for sustained volume and margin recovery from H2 FY22E.
Maruti Suzuki's revenue grew to ~Rs 177.7 billion (up 333% y-o-y / down 26% q-o-q) in Q1 FY22, while Ebitda/profit after tax came in at Rs 8.2 billion/Rs 4.4 billion (down 59% q-o-q / down 62% q-o-q).
Net realisations grew 3% q-o-q (down 6% y-o-y) to Rs 502,500 (versus estimate Rs 492,400) on price hikes and lower discounts (at Rs 14,000/unit versus 16,600 in Q4 FY21).
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