Maruti Suzuki India Ltd. share price target

Maruti Suzuki India Ltd (MSIL)'s Q1 FY19 numbers came a bit below our expectations as margins were hurt despite top-line growing at 28% yoy and 6% qoq. Volumes in the quarter were at a high of 4.9 lakh units, growing by 24% yoy and 6% qoq, while realizations growth was flat both on yoy as well as qoq basis. Upbeat volume performance came on the back of strong new DZire and Swift sales and strengthening franchise of Vitarra Brezza and Baleno. The company did not take any price hike during the quarter, despite RM prices moving up. EBITDA margins came up at 14.9%, which is a rise on both qoq and yoy basis on better product mix. However they have come on a low...

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 ..

In its own league Retain HOLD: MSIL's Q1FY19 operating performance was in line with our estimates. It reported 24.3% volume growth in Q1FY19. This is a 5th year of average double digit growth. With 2500 distribution centers and 6 blockbuster models (Dzire, Swift, Alto, Baleno, WagonR and Vitara Brezza) it currently dominates the Indian car market.

Maruti Suzuki (MSIL) reported a healthy Q1FY19 operating performance, though net profit (+27% YoY) was affected by a sharp dip in other income (60% YoY) due to the adverse impact of rising bond yields on the investment portfolio. Going ahead, we expect better rural sales, higher availability of capacity and stable RM prices to help MSIL post healthy growth over FY18-FY20. Maintain BUY with a slightly reduced Mar'19 target price of Rs 10,875 (vs. Rs 11,100 earlier), as we trim FY19E/FY20E EPS by 5.4%/4.7% to factor in lower other income....

Maruti Suzuki India (MSIL) has delivered a subdued performance in 1QFY19 owing to lower operating margin and sharp fall in non operating income led by MTM losses. While its revenue grew by 28% YoY (+6% QoQ) to Rs224bn, EBIDTA grew by 44% YoY (+11% QoQ) to Rs33.5bn. Led by adverse exchange rate, input cost inflation and higher discounts, its PAT growth restricted to (+27% YoY and -4% QoQ) to Rs19.7bn. Better product-mix and price hike helped YoY growth in ASP. Its EBIDTA margin expanded by 163bps YoY (+68bps QoQ) to 14.9% (vs. our estimate of 15.1%) mainly owing to higher cost of imported inputs due to adverse exchange rate. Its Other Exp/Sales fell by 31 bps YoY and 137 bps QoQ to 12.6%, while its RM/Sales rose by 111bps QoQ...

Maruti Suzuki India Ltd (MSIL) is the largest passenger vehicle (PV) manufacturer in India having market share of ~53% currently. Company has dominant position across all the major segments

JPY appreciation to raise costs for MSIL: Japanese Yen (JPY) has been appreciating against the INR recently. JPY has appreciated by about 7% against the INR in the past six months. Maruti Suzuki India Limited (MSIL) imports raw materials (majorly electronic related) from vendors in Japan. Imported raw material accounts for about 10% of MSIL topline....

ICICI Securities Ltd | Retail Equity Research Maruti Suzuki (MSIL) reported its Q4FY18 numbers, which were below estimates on the operational front. Net revenues at | 21166 crore, up 15.4% YoY, 9.8% QoQ came in above our estimate of | 21144 crore. The topline growth was driven by 11.4% YoY volume growth & 2.7% YoY ASP growth. The revenues were higher as discounts were lower than estimated at | 13880 crore Volumes for Q4FY18 were at 461773 units, up 11.4% YoY. ASPs...

an inline operating performance for the quarter. The topline at Rs 21,166 cr is up 15% y-o-y driven by a 11% y-o-y volume growth on account of strong demand for its recent launches. The realizations per vehicle is up 3% y-o-y attributable to a favorable product mix and price hikes taken by the company. The operating margins for quarter at 14.2% expanded 29 BPS y-o-y coming slightly...

MSIL 4QFY17 results, were below our and consensus estimates on operating level. EBITDA for the quarter were below our and consensus estimates due to higher employee and other expenses. Other expenses were up due to higher royalty expenses, higher freight rate expenses, auto expo expenses and newly lunched SWIFT. Employee expenses were up due to change in gratuity act which led to have one time expenditure. Subsequently EBITDA margin for the quarter declined -160 bps QoQ due to higher operating expenses. Increased share of new models and cost reduction efforts were partially offset by adverse commodity prices....