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Motilal Oswal Report
Maruti Suzuki India Ltd.'s Q3 FY21 operating performance was impacted by higher costs, which more than off-set operating leverage benefits.
While the demand environment is strong, cost absorption would be gradual keeping margin in check for FY22.
Revenue/Ebitda/profit after tax grew 13%/6%/24% YoY in Q3 FY21 to approximately Rs 234.5 billion/Rs 22.3 billion/Rs 19.4 bilion. The same in nine-month FY21 fell 19.3%/43%/30%
We lower our FY21E/FY22E earning per share by 6%/2% to factor in higher cost, which is diluted by volume upgrades, lower depreciation, and higher other income.
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