Maruti Suzuki - Impressive cost control buoys margins - Kotak

3QFY13 EBITDA was 8% better than our estimates primarily reflecting strong cost control and lower-than-expected discounts. Sequential improvement in gross margins despite a negative impact of currency on vendor imports was aided by strong cost control with vendors.

We maintain our SELL rating on the stock due to muted industry growth over the next 12 months and expensive valuations.

Source : Equity Bulls

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