BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
Maruti Suzuki Ltd.'s Q1 FY22 adjusted Ebitda margin of 4.8% was below consensus and our estimate due to a weaker-than-expected gross margin and operating deleverage as lockdown 2.0 hit production.
Profit after tax was 50% below estimate due to lower treasury income.
The management highlighted that demand trends indicate signs of recovery in July with order booking at 85% of the Q4 FY21 average.
The demand for compressed natural gas variants has seen a sharp uptick as fuel prices have inched up (detailed channel check note); Maruti Suzuki's inability to increase its CNG production in Q1 FY22 hurt its retail market share (40% versus 47% in FY21).
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