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Q1FY24 Preview: Maruti Suzuki India: Revenue seen at Rs. 321,366 million, PAT at Rs. 26,648 million

29 Jul 2023 , 04:16 PM

Result date: 31st July, 2023

Recommendation: Buy

Target price: Rs. 10,300

Maruti Suzuki India witnessed 6% year-on-year growth in its sales volumes and 3% decline on a sequential basis. A superior product mix in total sales volumes could aid realization growth on a sequential basis. Thus, revenue could grow 21.3% over the year-ago quarter and inch up 0.3% sequentially, believe analysts at IIFL Capital Services. 

The company’s EBITDA margin could grow 294 basis points over the year-ago quarter to 10.2% but contract 30 basis points sequentially. Higher marketing spend is likely to be a key pressure point.

JPY depreciation (down 4% sequentially) could be the key margin tailwind, while higher marketing spends towards launch of new models could be the key margin headwind on a sequential basis, believe analysts at IIFL Capital Services.

The company’s Profit After Tax (PAT) could grow 163.1% over the year-ago quarter and 1.6% sequentially.

Important management insights to watch out for:

  • Demand trends across urban and rural markets
  • Outlook on pricing, input costs and margins
 

June 2023 estimates

YoY change

QoQ change

Volumes 

498,030

6.4%

(3.3)%

Revenue (Rs. mn)

321,366

21.3%

0.3%

EBITDA (Rs. mn)

32,622

70.6%

(2.6)%

EBITDA margin

10.2%

294 bps

(30) bps

Profit After Tax (Rs. mn)

26,648

163.1%

1.6%

Source: IIFL Research

Related Tags

  • Maruti Suzuki
  • Maruti Suzuki India
  • Maruti Suzuki India Q1
  • Maruti Suzuki Q1
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