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Systematix Research Report
Maruti Suzuki India Ltd.'s Q2 FY23 Ebitda margin of 9.3% was ahead of consensus and our estimate on gross margin expansion (forex benefits).
Management highlighted that both its sports utility vehicles (Brezza and Grand Vitara) have received a strong response, and it is now focusing on ramping up production amid supply-chain constraints.
Maruti Suzuki expects commodity prices to remain stable in H2 FY23 as lower metal prices are offset by high energy costs. The demand momentum has remained healthy, albeit only in the utility vehicle segment.
SUVs continued to outperform overall growth in passenger vehicles (waiting period of six-12 weeks) while cars had a huge inventory of six-eight weeks prior to the festive season.
With strong hybrids also seeing reasonable success, we see heightened competitive intensity to put pressure on the Ebitda margin.
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