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Thursday, September 29, 2011

Maruti Suzuki India Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,view and outlook,multibagger

Scripscan:Maruti Suzuki India Ltd
cmp:1100
Code:532500

Story:India’s largest car manufacturer posted a better-than-expected set of numbers for Q1FY12. Seasonally, Q1 is the weakest quarter of the year, with Q4 being the best. So though sequentially, the numbers do not look good, YoY, the numbers are not too bad. Net sales was flat, up just 1% at Rs.8320 crore. Obviously, the 10 day strike at its Manesar plant affected the numbers. Domestic sales were up 3.2% but exports were down 24%. Total vehicle sales for the quarter at 2,81,526 was down 0.6%.Total operating cost for the quarter was up 2.55%, with raw material cost leading the pack, with a 7% rise. EBIDTA was up 3% at Rs.814 crore, giving a marginally better EBIDTA margin at 9.78% v/s 9.22%. Despite a 11% rise in tax, a hefty other income component of Rs.180 crore v/s Rs.100 crore in Q1FY12 and a 28% drop in interest outgo, the company ended the quarter with a net profit of Rs.549 crore, up 18%. Improvement in NPM margin is better at 6.6% v/s 5.78%. Post the numbers, the stock price showed a muted performance mainly on the account of the rate hike by RBI, which is expected to affect car sales due to expected hike on loans. Undeniably, Maruti remains the market leader and it will take a while for anyone to usurp the company from this position but at the same time, competition is heating up, especially from Hyundai and the other domestic car makers. Sales have started tapering down and bit and post this RBI policy second quarter could see a muted performance.A hold at present levels.

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