Maruti Suzuki India Ltd. share price target

Maruti Suzuki (MSIL) delivered in line revenue ( 20% YoY to Rs 183bn) in 4Q. EBIDTA margins came in lower at 13.9% (-129bps YoY), impacted by higher commodity prices and RM cost ( 359bps YoY). APAT came in lower than expectations at Rs 17bn ( 15% YoY), owing to margin contraction and higher-than-expected depreciation.

Maruti Suzuki's (MSIL) Q4FY17 EBITDA at ~INR25.6bn (up 10% YoY) surpassed our estimate 5% due to gross margin beat on lowerthan expected Gujarat plant startup costs.

Maruti Suzuki India: Well balanced product portfolio: Maruti has plugged gaps in its product portfolio (with SUVs/sedans/premium hatchbacks/pick-ups) owing to which it should continue outperforming the industry. Margin can remain healthy, as new models lead to tapering discounts/royalty.

Maruti's Q3FY17 EBITDA was 5% below estimates(margin at 14.8% vs. estimates of 15.5%) but that is forgivable given the tough circumstances this quarter. Discounts fell 13% YoY given the better product mix, (increased 18% QoQ; somewhat seasonal). With salaried class at 45% of sales (government empl..

Revenue fell by 5.52% to Rs. 16623.6 Cr in Q3FY17 when compared to the previous quarter. On the other hand, it grew by 12.44% when compared with Q3FY16.

ICICI Securities Ltd | Retail Equity Research Maruti Suzuki (MSIL) reported its Q3FY17 numbers, which came in below our estimates. Revenues at | 16865 crore, up 12% YoY, down 5.5% QoQ came in below our estimate of | 17166 crore. Topline growth was driven by 3.5% YoY volume growth & 8.8% ASP growth. Revenues came in below our estimates mainly on account of lower than estimated ASPs (| 429272 against our estimate of | 434580) Volumes for Q3FY17 at 387251 units were up 3.5% YoY. Of this,...

Background: Maruti is a subsidiary of Suzuki Motor. Maruti pays ~6.1% on sales as royalty to parent. Maruti is India's largest passenger car company, which primarily sells compact hatchbacks (75% of volumes), Utility vehicles and sedans. Its key models are Alto, Wagon R, Swift and Dzire, Baleno and Brezza. With its early-mover advantage in the Indian market, Maruti is a dominant player in the domestic passenger car market with a ~ 45% market share. Maruti has over 1200...

Q3FY17 Results: Revenues grew 12% (est.9%) to Rs169bn, with realizations rising 9% YoY (est.6%). EBITDA margins rose 47bps YoY to 14.8% (est. 14.4%). Gross margins contracted 66bps YoY to 30.8% (est. 30%) on rising steel prices, while other expenses fell 144bps on lower A&P;, power and royalty...

Maruti Suzuki (MSIL) delivered slightly better than expected revenues ( 12% YoY to 168bn) in 3Q while the EBIDTA margin ( 47bps YoY, 14.8%) was in line with our est. EBITDA at Rs 24.9bn ( 16% YoY) was 3% above our estimates. APAT stood at Rs 17.4bn ( 48% YoY), boosted by margin expansion and higher other income (144% YoY, -27% QoQ) owing to revaluation of MF investment.