Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>Maruti Suzuki India</h2>
<h3>Demand momentum holding strong; margins to improve gradually</h3>
<p>Maruti Suzuki’s reported revenue came slightly ahead of our estimate (+1%) while EBITDA margin at 8.3% was a miss (-140bps.) Margin was affected by commodity cost headwinds (impact of 400bps YoY and 300bps QoQ). Most of the commodity cost impact was absorbed in 4QFY21 but some impact is still expected in 1QFY22. The management sees the trend moderating/reversing only from 2HFY22. We view margins…</p>

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<p>2QFY21 Result Update</p>
<h2>Maruti Suzuki India</h2>
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<h3>Cautiously optimistic on post festive demand; Maruti well placed</h3>
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<p>Maruti Suzuki reported 2QFY21 PAT of Rs13.7bn, 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 NBIE estimate of 10% and up 80bps YoY on account of higher sales volume, lower sales promotion expenses, lower operating expenses and cost reduction efforts. These were…</p>
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<p>1QFY21 Result Update</p>
<h2>Maruti Suzuki India</h2>
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<p><strong>Dismal quarter; portfolio to benefit from changing trends</strong></p>
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<p>Maruti Suzuki reported a loss of Rs2.49bn for 1QFY20, higher than NBIE estimate of Rs1.43bn. The miss was mainly due to lower operating performance. EBITDA margin stood at -21% as against 10.4% in 1QFY20 and 9.2% in 4QFY20. Total income came in at Rs41bn, down 79% YoY. ASP was up 3.2% YoY vs our expectation of 3% decline. The management refrained from giving forward guidance given the…</p>
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India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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