Maruti Suzuki India Ltd's Q1FY20 standalone net profit declines 27.33% yoy to Rs1,435.50cr : Misses Estimates

The company’s standalone revenue stood at Rs19,719.8cr, down 12.2% yoy and 8.1% qoq.

July 26, 2019 1:55 IST | India Infoline Research Team

Maruti Suzuki India Ltd Q1FY20

Standalone Results Q1FY20: (Rs. in cr)

Q1FY20 YoY (%)
Revenue 19,719.8 [12.2]
EBITDA 2,047.8 [38.9]
EBITDA Margin (%) 10.4 [454]
Net Profit (reported) 1,435.5 [27.3]
***EBITDA margin change is bps
Maruti Suzuki India Limited (MSIL) reported dismal set of numbers, lower than estimates on PAT front. Standalone revenue declined by 12.2% yoy to Rs19,719.8cr, in-line with estimate. Volume for the quarter was down by 17.9% yoy. Due to negative operating leverage, adverse commodity prices and higher sales promotion expenses, EBITDA was down 38.9% yoy and stood at Rs2,047.8cr. EBITDA margin contracted by 454bps yoy to 10.4% (estimate 11%). Depreciation and interest costs were up by 27.6% and 164.3% yoy. Thus, PAT declined by 27.3% yoy to Rs1,435.5cr, ~12% lower than estimate.
  • The company sold 4,02,594 vehicles during the quarter, lower 17.9% yoy. Sales in the domestic market stood at 3,74,481 units, down 19.3% yoy and exports sales volume stood at 28,113 units, growth of 5.5% yoy.
  • This weak operating performance during the quarter was due to (a) lower capacity utilization, (b) adverse commodity prices, and (b) higher sales promotion expenses.
  • Other income for the quarter stood at Rs836.4cr against Rs271.8cr in Q1FY19.

Technical View:

Maruti Suzuki India Ltd is currently trading at Rs. 5,792.15, up by 31.8 points or 0.55% from its previous closing of Rs. 5,760.35 on the BSE.
The scrip opened at Rs. 5,737 and has touched a high and low of Rs. 5,955.25 and Rs. 5,685.15 respectively. So far 18,49,927 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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