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Nirmal Bang Report
Maruti Suzuki India Ltd. reported Q2 FY21 profit after tax of Rs 13.7 billion, up 1% YoY and below our expectation, as other income declined due to lower fair value gains on invested surplus.
Ebitda margin stood at 10.3%, a tad better than our estimate of 10% and up 80 basis points YoY on account of higher sales volume, lower sales promotion expenses, lower operating expenses and cost reduction efforts.
These were partially offset by higher commodity prices and adverse foreign exchange movement.
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