Maruti Suzuki Q3FY22 Preview: Revenue seen at Rs233,158 million, PAT at Rs9,397 million

25 Jan 2022 , 10:12 AM

Result date: 25th January, 2022

Recommendation: Buy

Target price: Rs8850

(Source: Company, IIFL Research)

Maruti Suzuki is all set to report 97.7% QoQ growth in PAT with a QoQ volume growth of 13.5% and easing of semi-conductor shortage.

Company’s revenue is estimated at Rs233,158 million, with a 13.5% QoQ growth. Effect of price hikes taken in September 2021 will also be reflected fully in Q3. On a YoY basis, the numbers are likely to witness sharp decline on the back of a high base of Q3FY21.

Important management insights to watch out for:

• Demand trends across segments
• Margin drivers

Rs. Million	December 2021 estimates	YoY change	QoQ change
Volume	430,668	-13.2%	13.5%
Revenue	233,158	-0.6%	13.5%
Ebitda	14,667	-34.1%	71.6%
Ebitda margin	6.3%	-320 bps	213 bps
PAT	9,397	-51.6%	97.7%

Source: Company, IIFL Research