Maruti Suzuki Q3 Results Review - Highest Ever Exports: Nirmal Bang

Nirmal Bang Report

Maruti Suzuki India Ltd’s Q3 FY24 volume stood at 5,01,00,000 units (-9.2% QoQ, +7.6% YoY). Reported revenue stood at Rs 333 billion (-10.1% QoQ, +14.7% YoY). Realisation was down 1.2% QoQ and up 2% YoY. Gross margin decreased by 30 basis point QoQ but increased by +180 basis point YoY to 29.1%. Ebitda margin came in at 11.7% (-120 basis points QoQ, +190 basis point YoY) and was marginally lower than our estimate by 10 basis points, profit after tax came in at Rs 31 billion (- 15.8% QoQ, +33% YoY).

The management expects growth to be driven by an increase in the number of vehicles dispatched through railways and through higher solar power generation capacity from 26.3 megawatt to 48 megawatt, which will drive the use of renewable power. Maruti Suzuki also intends to increase export volume by at least 7,50,000 units by the end of FY31.

Efforts to keep dealership stocks at reasonable levels has been ongoing while the company aims to continue to provide the best ‘cost of ownership’ experience to its customers with new vehicle launches.

Maruti has signed a MoU with the Gujarat government to establish a new production facility besides acquiring Suzuki Motor Gujarat.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.