We increase our target multiple to 23xSept 19E EPS (vs 22x earlier) and upgrade TP 8,880 (earlier, 8520) Maintain BUY. Maruti Suzukis (MSIL) 2Q EBITDA at Rs 36.8bn (+21% YoY) and margin at 16.9% (est. of 15%) beat expectations on the back of better cost management, lower discounts and benefit from operating leverage. Net revenue at Rs. 217bn (+22% YoY) was driven by 18% growth in volumes and 4% increase in realisations. APAT at Rs. 24.8bn (+3.4% YoY), was impacted by lower other income (-36% YoY).