Maruti Suzuki India Ltd. share price target

We maintain our BUY rating on the stock with a reduced TP of Rs 11,550/share ( Rs 11,800 earlier).

MSIL: Healthy all-round performance raise to BUY. DRRD: Buoyant US sales drive performance. VOLT: UCP improving, Qatar business a dampener. DIXON: Mobile business dials up growth; maintain BUY. KJC: Soft demand, intense competition mar quarter. BLSTR: Purple patch continues; maintain BUY. KECI: Pipeline robust, margin improvement delayed. ABSLAMC: Double-digit growth but market share bleed continues. Metals & Mining: Jindal Stainless: Management meet takeaways

We keep our TP of Rs 11,800/share unchanged and maintain our BUY rating on the stock.

Q2 volume growth of ~7% YoY continued to beat the industry (~5%); we expect sustained outperformance

Maruti Suzuki (MSIL) reported EBITDA margin of 12.9%, up 370bps QoQ in Q2FY24, higher than consensus estimate of ~11%, driven by gross margin improvement of ~220bps (due to superior product mix) and operating leverage. ASP was up 3% QoQ at ~INR 670k/unit with blended discount up ~INR 1.5k/unit QoQ (INR 17.7k/unit).