Maruti Suzuki Q1 Results Review - Increase In CNG, UV Penetration Driving Growth: Prabhudas Lilladher

Prabhudas Lilladher Report

Maruti Suzuki India Ltd.’s Q1 FY25 standalone revenue grew by 9.9% YoY driven by strong volume growth. Gross profit grew by 20.5% YoY, while margin expanded by 262 basis points YoY to 29.8%, benefitting from better operating leverage, product mix and favorable commodity prices.

Ebitda grew by 50.9% YoY, while margin expanded significantly by 344 bps YoY to 12.7%. Strong overall performance led adjusted profit after tax to expand by 46.9% YoY. As the sluggishness in entry-level/small car segment continues, the management anticipates the contribution of utility vehicles in industry and in its portfolio to continue to increase.

As it is increasing its capacity and strategically planning its portfolio in hybrids and CNG categories, we expect Maruti Suzuki volume to grow at a compound annual growth rate of 7.5% over FY2426E.

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