Maruti Suzuki Q4 Review - Margin Pressures Continue: Axis Securities
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Axis Securities Report
Maruti Suzuki India Ltd.’s numbers came in lower than our estimates.
The company’s revenue stood at Rs 24,024 crore in Q4 FY21 (versus our estimate of Rs 23,877 crore, higher by 0.6%) as compared to Rs 18,199 crore in Q4 FY20, reporting a growth of 32% YoY.
This was on the back of 27.8% YoY volume growth while average selling prices increased by 5% YoY.
The company reported Ebitda margin of 8.3% (21 basis points YoY contraction) which was lower than with our estimate of 9%.
Reported Ebitda came in at Rs 1,991 crore, a growth of ~29% YoY (lower than our estimates of Rs 2,149 crore).
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