Maruti Suzuki Q4 Review - Margin Decline To Continue, Valuations Remain Pricey: ICICI Direct
A Maruti Suzuki India Ltd. showroom in New Delhi, India. (Photographer Prashanth Vishwanathan/Bloomberg)

Maruti Suzuki Q4 Review - Margin Decline To Continue, Valuations Remain Pricey: ICICI Direct


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. reported a soft Q4 FY21 performance.

Net sales were at Rs 24,024 crore, up 32% year-on-year tracking 27.8% YoY rise in volumes to 4.92 lakh units and 4% rise in average selling prices to Rs 4.66 lakh/unit.

Volumes were flattish quarter-on-quarter.

Q4 FY21 margins slipped 120 basis points QoQ to 8.3% on 135 basis points gross margin contraction.

Consequent profit after tax for Q4 FY21 was at Rs 1,166 crore, down 9.7% YoY, impacted by sharply lower other income due to mark to market loss on invested surplus.

The company declared a dividend of Rs 45 per share for FY21.

Click on the attachment to read the full report:

ICICI Direct Maruti Suzuki Q4FY21 Result Review.pdf


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