Maruti Suzuki India Ltd. share price target

Q1FY18 EBITDA miss (7%) was mainly due to one-off GST related issues. Margin at 13.3% (80 bps below estimates) had a 50 bps impact due to one-time compensation to dealers for GST and a 30 bps impact by way of higher discounts (at 16.6k/unit) to clear pre-GST inventory.

Maintain BUY with a TP 8478 (24x FY19E EPS). Maruti Suzuki (MSIL) delivered in line revenues (+18% YoY to 175bn) in 1Q. However, EBIDTA margin came in lower at 13.3% (-156bps YoY), led by higher discounts, input cost and compensation paid to dealers. APAT came in lower than expectations at Rs 15.6bn (+5% YoY), owing to margin contraction offset by higher other income.

MSIL's 1QFY18 earnings and margins were below the cons. estimates. Net sales were at Rs17,546cr while PAT was at Rs2,331cr. Net sales, EBITDA and PAT grew by 17.4% / 5.3% 4.4% on yoy basis and were 0.3%/-6.8%/-7.9% against the consensus estimates. While PAT has grown by 4.4% to `1,556 in the quarter, there is Rs85cr component on one-off w..

ICICI Securities Ltd | Retail Equity Research Maruti Suzuki (MSIL) reported its Q4FY17 numbers, which came in below our estimates. Revenues at | 17546 crore, up 17.4% YoY/ down 4.3% QoQ came below our estimate of | 17697 crore. The topline growth was driven by 13.2% YoY volume growth & 3.2% YoY ASP growth. The miss on revenues is attributable to lower than estimated ASPs (| 434203 against our estimate of | 439718). Volumes for Q1FY18 stood at 394571 units, up by 13.2% YoY. Of this, the domestic volumes grew by 14.3% YoY to 368431 units,...

by just 3.2% yoy. Upbeat volume performance came on the back of Ignis launch last quarter and strengthening franchise of Vitarra Brezza, Dzire and Baleno. EBITDA margins came down at 13.6%, slightly below market expectations as RM costs started firming up with RM to sales...

May-17 witnessed strong auto volumes, except for MHCVs. MHCVs grappled with a situation of subdued demand, lack of clarity on GST transition and BS-4 engine component supply constraints. PVs reported weaker-than-expected volumes. Maruti (MSIL) reported 11% YoY growth, led by channel inventory filling.

Revenue grew by 8.31% to Rs. 18005.2 Cr in Q4FY17 when compared to the previous quarter. Also it rose by 20.32% when compared with Q4FY16.

ICICI Securities Ltd | Retail Equity Research Maruti Suzuki (MSIL) reported its Q4FY17 numbers, which came in line with our estimates on the profitability front. Revenues at | 18333 crore, up 20.3% YoY, 8.7% QoQ were above our estimate of | 18146 crore. Topline growth was driven by 15% YoY volume growth & 4.9% YoY ASP growth. The marginal revenue beat is attributable to higher than estimated ASPs (| 434448 vs. our estimate of | 431371) Volumes for Q4FY17 at 414439 units were up 15% YoY. Of this,...

firming up with RM to sales ratio increasing to 70.9% from 67.6% yoy and 70.2% qoq. Employee costs came down to 3.42% from 3.71% qoq and 4% yoy. Other expenses were higher at 13.3% due to Gujarat plant commissioning (one time cost of 1.18 bn) and higher...