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Published on 16/04/2018 2:18:43 PM | Source: Motilal Oswal Securities Ltd

Buy Maruti Suzuki Ltd For Target Rs.10,685.00 - Motilal Oswal

Posted in Broking Firm Views - Long Term Report| #Maruti Suzuki Ltd #Auto Sector #Broking Firm Views Report #Motilal Oswal

Dispatches in-line at 160.6k units (+15% YoY)

Domestic sales grew 16.1% YoYwhile exports grew 2.1% YoY

* MSIL’s Mar-18 wholesales came in-line at 160.6k units (+15% YoY, +7.2% MoM). With this, MSIL registered volume growth 13.4% in FY18.

* Domestic volumes grew 16.1% YoY to 148.6k (in-line), led by continued growth in the UV (+24.3% YoY) and compact (+11.3% YoY) segments.

* Growth in the compact segment was led by new Swift, Baleno and new Dzire, while that in UVs was led by Brezza and new S-cross.

* Ciaz sales declined 12.1% YoY to 4.3k units (est. 4.7k units).

* Export volumes were better than estimate at 12k units (+2.1% YoY, flat MoM).

* The stock trades at 25.4x/19.4x FY19E/20E earnings. Maintain Buy.

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