Maruti Suzuki India Ltd. share price target

Demand concerns spring up, worries to continue over some time Q2 performance muted as expected Maruti Suzuki India Ltd (MSIL)'s Q2 FY19 numbers came in line with our tepid expectations as volumes reflected a negative growth of 1% yoy and 1.5% qoq. High base of last year, slowdown in urban retail demand, higher fuel prices, rising interest rates, intensifying competition led to this performance. Realizations growth was flat yoy, while grew by just 2% on a slightly improved product mix. Revenues grew by 1% yoy and fell by 1.2% qoq. EBITDA margins came up at 15.3%, which were supported by Engineering Services Fees worth 2bn booked in the other operating...

Results in Line - Retain BUY: During Q2FY19, MSIL sales grew by 3.1% YoY to Rs224.3bn (above our estimates Rs223 bn). Its EBITDA margins declined by 160bps to 15.3% (below our estimates of 15.9%).

Passenger vehicle industry witnessed slowdown in 2QFY19 due to floods in Kerala, delayed festive season and some softening in demand. While in the near term, growth is expected to be slow, medium to long term growth...

Maruti Suzuki India Ltd. (MSIL) is India's largest passenger vehicles company with a commanding market share of ~50% in domestic market with ~1.65 million vehicles sold in FY18.

Waiting period for petrol variant of Baleno, new Dzire and new Swift declined to 2-4 weeks whereas there is no waiting period for diesel variant. However, Vitara Brezza still enjoys waiting period of 4 months....

Maruti Suzuki India Limited (MSIL), a subsidiary of Suzuki Motor Corporation, is India's largest passenger car company, accounting for over 50% of the domestic car market....

MSIL reported revenue of Rs224.6bn, 28% increase over 1QFY18 revenue of Rs175.5bn. Sales volume in the quarter grew by 24% YoY on the back of strong growth witnessed in Baleno and Dzire sales. MSIL reported below expected EBITDA on account of cost pressure from commodity prices and adverse foreign currency. EBITDA margin increased YoY and QoQ to 14.9%. MSIL reported PAT of Rs19.8bn, 27% growth over 1QFY18 PAT of Rs15.6bn. However PAT came in well...

MSIL reported volume growth of 24.3% YoY and revenue growth rate of 28% YoY in Q1FY19. The base was low because of multiple events such as cascading effects of DEMO and implementation of GST. We expect the outperformance of MSIL (with management guidance of double digit volume growth) to the industry growth rate to continue going forward because of expansion in rural areas, new launches and through premium customer...

MSIL Q1FY19 result was below our and consensus estimates on operating level. EBITDA for the quarter were below our and consensus estimates due to lower realizations and higher RM cost. EBITDA margin for the quarter stood at 14.9% vs our and consensus...

For 1QFY2019, Maruti Suzuki India (MSIL) posted strong numbers both on top-line and bottom-line fronts. MSIL reported ~28% yoy top-line growth to `22,459cr on back of strong volume growth (up ~24% yoy) and price hike (up~3% yoy). The company's operating margins improved by robust 163bps yoy. On the bottom-line front, MSIL reported growth ..