Revenue up 11%, but marginally below expected, as realisations missed estimates by 1% 8 Gross margins fell 1.9% qoq led by adverse currency and higher RM prices • EBITDA margin at 14.8% was down 50bps qoq; in line with estimates 9 PAT at Rs 14.8bn was 33% ahead of estimates on higher other?income recognition changes under the new Ind?AS accounting norms Key highlights: Largely in line quarter with the company facing margin pressures due to adverse currency and lower production volumes. The stock has seen a stupendous run of 38% since its lows in March 2016. Relooking at our estimates, we believe it lacks near?term triggers – constrained capacity would mean volume growth of 10% in FY17. With little scope of surprise Phillip Capital downgrade their stance to NEUTRAL from BUY. They marginally tweak our estimates (FY18 EPS up 3%) and revise our target price to Rs 4,600 (Rs 4,500 earlier).Trendlyne has 26 reports on MARUTI updated in the last year from 8 brokers with an average target of Rs 4863.1. Brokers have a rating for MARUTI with 2 downgrades,7 price downgrades,1 upgrade,4 price upgrades in past 6 months and 11 price upgrades in past 1 Year.