Maruti Suzuki India Ltd. share price target

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.

MSIL Q2FY19 result was above our and consensus estimates on operating level. EBITDA margin for the quarter stood at 15.3% vs our and consensus estimates of 14.7% and 14.3% respectively. Adj. PAT for the quarter stood at Rs22.4 bn; higher than our and...

ICICI Securities Ltd | Retail Equity Research Maruti Suzuki Ltd (MSIL) reported steady performance in Q2FY19 with optical out-performance led by higher other operating income (~| 200 crore) on account of income from services from its parent. Total operating income in Q2FY19 stood at | 22,433 crore, up 3.1% YoY. ASP for the quarter came in at | 4.44 lakh/unit, flat YoY. Discounting however was aggressive at | 18,750/unit, up 23% YoY Volumes for Q2FY19 stood at 484,848 units, down 1.5% YoY. Of...

MSIL Q2FY19 numbers were in line on revenue and operating level. Miss on net profitability was due to lower other income. MSIL, continuing with its cost optimization program, improved its operating margins on QoQ basis. Competitive intensity is on a rise but MSIL is well quipped to overcome the same driven by the product launches and better economics on ownership front as compared to peers. Volume growth in the quarter was impacted due to high base quarter in FY18 and uneven monsoons in some parts of the country. We believe that MSIL will be able to repeat the...

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....