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Reliance Securities Report
Maruti Suzuki India Ltd. delivered a very strong performance in Q4 FY22 as its Ebitda margin stood at 9.1% (versus our estimate of 8.1%).
Revenue increased by 11% YoY to Rs 267.4 billion, slightly lower than our estimate of Rs 268.7 billion.
Revenue growth was led by average selling price growth of 12% YoY and 1% QoQ to Rs 547,020 despite volume de-growth of 1% YoY.
Ebitda came in at Rs 24.3 billion, versus our estimate of Rs 15.2 billion due to better cost control and improved pricing.
Its profit after tax increased by 58% YoY to Rs 18.4 billion as against our estimate of Rs 15.2 billion, due to the better-than-expected operating performance.
We believe that the better product-mix, likely ease on production, price hike and stable raw material environment would support Maruti Suzuki's margin expansion, going forward, though near-term issue related supply constraints and commodity inflation is inevitable.
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