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Yes Securities Report
Maruti Suzuki India Ltd.'s Q4 FY22 results exceeded our/consensus Ebitda/profit after tax estimates by 9-23%. This was led by record average selling prices at ~Rs 547,000/unit (estimate: Rs 534,600), better gross margins at 26.5% (up 180 basis points QoQ, estimate: 25.6%) and lowest average discount since FY13 at Rs 11,000/unit in Q4 FY22.
Near-term challenges withstanding related to chips availability and raw material inflation, Maruti Suzuki's dominance in compressed natural gas new product launches (Alto upgrade, mid sports utility vehicle, joint product with Toyota) should partially help recoup lost market share.
With strong new product pipeline and response to recently launched products such as new Baleno (~80,000 bookings) and XL6, we believe Maruti Suzuki's market share loss trajectory to likely bottom out.
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