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Dolat Capital Report
Maruti Suzuki India Ltd. demonstrated an impressive margin performance in Q4 FY22. Operating profit margin improved 237 basis points QoQ to 9.1% led by operating leverage, lower discounts and price hike, offset by commodity inflation.
Key focus on management is regaining its market share along with improvement in mix (compressed natural gas and sports utility vehicle portfolio) and margin expansion.
Management stated that demand outlook remains upbeat while chip shortage issue is a major hurdle for ramp up production. Although the situation is improving gradually, the larger picture remains uncertain Maruti Suzuki has a healthy order backlog (320,000 vehicles).
We expect passenger vehicles demand to continue to be strong for the next two years led by sharp recovery in the economy, strong waiting period of cars and low inventory.
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