Nirmal Bang: Maruti Suzuki Cautiously Optimistic On Post Festive Demand; But Well Placed
Maruti Suzuki’s Nexa and KTM showrooms in Lower Parel, Mumbai (Photo: Sagar Salvi/BloombergQuint)

Nirmal Bang: Maruti Suzuki Cautiously Optimistic On Post Festive Demand; But Well Placed

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.

Nirmal Bang Report

Maruti Suzuki India Ltd. reported Q2 FY21 profit after tax of Rs 13.7 billion, up 1% YoY and below our expectation, as other income declined due to lower fair value gains on invested surplus.

Ebitda margin stood at 10.3%, a tad better than our estimate of 10% and up 80 basis points YoY on account of higher sales volume, lower sales promotion expenses, lower operating expenses and cost reduction efforts.

These were partially offset by higher commodity prices and adverse foreign exchange movement.

Click on the attachment to read the full report:

Nirmal Bang Maruti Suzuki India- Q2FY21 Result Update-30 October 2020.pdf


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