01-01-1970 12:00 AM | Source: Angel Broking Ltd
Quote on Maruti Suzuki Q1FY22 Result Update by Milan Desai, Angel Broking Ltd
Below is quote on Maruti Suzuki Q1FY22 Result Update by Mr. Milan Desai, Lead Equity Analyst, Angel Broking
Maruti Suzuki reported a mixed set of numbers for Q1FY22. The top line for the quarter was marginally ahead of expectation on account of better realizations. The top line came in at Rs 17,771 Cr (-26.0% QoQ/ +332.7% YoY). The lower than anticipated level of discounting is likely to have aided realizations which were up 3% QoQ to Rs 5,02,545. The EBITDA came in lower than our expectations on account of higher employee expenses while Gross Margins fared marginally better than expectations. Employee cost as a percent of sales was up 224bps QoQ while RM cost as a percentage of sales was only up by 90bps QoQ. As a result of higher-than-expected Employee expense, the EBITDA was ~17% lower than our expectations, and EBITDA margins at 4.6% were ~98bps lower than our expectations. Gross profit per vehicle was ~1% ahead of our expectation of Rs 1,25,305 per vehicle. The bottom line at Rs 441 Cr missed our expectations on account of lower other income.
The company has already announced price hikes and we believe that Maruti Suzuki can gain some market share in coming years on account of its launches in SUV space, an area where it is underrepresented. We maintain our positive stance on Maruti Suzuki.
Above views are of the author and not of the website kindly read disclaimer
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