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Maruti Suzuki India Ltd. | Q3FY13 First Cut Analysis




IndiaNivesh Securities Pvt Ltd


25 Jan 2013





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Maruti Suzuki India Ltd. | Q3FY13 First Cut Analysis Ahead of street expectations Maruti Suzuki Q3FY13 reported numbers above street expectation. Net revenue increased by 43% YoY (up 36% QoQ) to Rs. 109.5 bn slightly ahead of consensus of Rs. 108 bn, driven by higher volume and improvement in realization (due to better product mix). Volume increased by 31% QoQ and 26% YoY to 301453 units led by recovery in festive demand and low base (lower production due to labour issues in Q3FY12/Q2FY13). Average realization improved by 14% YoY (up 4% QoQ) to Rs. 363471 led by good response to new models like Ertiga and Swift DZire. EBITDA margin was improved by 266 bps YoY and 183 bps QoQ to 8% (vs. consensus of 7.9%) led by higher realization and lower raw material and other expenses. Net profit jumped by 144% YoY and 120% QoQ to Rs. 5.01 bn vs. consensus of Rs 4.93 bn due to higher EBITDA and higher other income(increased by 18% YoY and 21% QoQ to Rs. 1.88 bn). Valuation: At CMP of Rs 1597, the stock is trading at PE multiple of 23.9x FY13E and 16.5x FY14E EPS which looks fully priced in. We have neutral rating on the stock.

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