Maintain BUY with TP Rs 8252(22x core EPS+~Rs 1255 cash/share). Expect EPS growth of 15% over FY18-21E (assuming 9% volume CAGR over FY18-21E). Maruti Suzuki (MSIL) delivered slightly better than expected performance in 2Q, EBITDA margin adjusted for one-off (Rs 2bn as engineering service fee received from Suzuki) was 14.5%, (vs est. of 14.2%). Revenue stood at Rs 224.3bn (+3% YoY, adjusted +1.9%). APAT at Rs 21bn vs est Rs 20bn. Challenges like rising fuel prices, flood impact in several states, higher interest rates and insurance cost affected the PV demand in 2Q.