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Maruti Suzuki reports weak results owing to higher material costs, GST: Angel Broking

Posted On: 2017-08-03 20:44:21

Views of Mr. Shrikant Akolkar (Research Analyst- Auto & Auto Ancillary, Angel Broking):

"Maruti Suzuki's 1QFY18 earnings and margins are below the consensus estimates. Net sales grew by 17.4% YoY to INR 17,546 cr against estimated INR 17,500cr. EBITDA grew 5.3% YoY to INR 2,331cr vs. estimated INR 2,500cr. Net profit grew by 4.4% YoY to INR 1,556cr against estimated INR 1,690cr. Margins were at 13.3% against 14.8% in 1QFY17 and 14% in 4QFY17. The key highlight of the result is the 21% increase in the material cost which has led to the decline in the gross margins to 29.96%, lowest since 2QFY15. Net realizations grew 3% YoY, slowest in the last 6 quarters. Material cost per unit accelerated by nearly 7%, which mainly led to decline in the operating margins. While the result is below the consensus estimates, this kind of result was already anticipated due to the rise in the raw material costs as well as discounts offered due to the GST. The demand is expected to be strong going ahead and with the premium vehicles in demand, we continue to maintain a positive outlook on the stock."

Shares of MARUTI SUZUKI INDIA LTD. was last trading in BSE at Rs.7739 as compared to the previous close of Rs. 7815.7. The total number of shares traded during the day was 22511 in over 2878 trades.

The stock hit an intraday high of Rs. 7828 and intraday low of 7708.1. The net turnover during the day was Rs. 174598258.


Source: Equity Bulls

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