Buy Maruti Suzuki India Ltd For Target Rs.10,000 - Motilal Oswal
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In-line numbers; volumes decline 6% YoY to 150.7k units
MSIL exports at 18.4k units | Chip shortages impact production adversely
Wholesale numbers were in line with our estimate at ~150.7k units (v/s est. of 157k units), down 6% YoY.
Domestic volumes declined 7% YoY to 132.25k units (est. 130.7k units).
Compact segment volumes declined 16.5% YoY to 63.05k units (est. 74k units).
Mini segment volumes dipped 32% YoY to 17.1k units (est.15k units).
UV volumes grew 31% YoY to 36.1k units (est. 27.3k units).
LCV volumes grew 235% YoY to 4.3k units (est. 3.2k units).
Export volumes rose 7% YoY to 18.4k units (est. 26.7k units), likely due to the impact of a delay in shipment.
We estimate FY23 volumes to grow ~20% YoY, implying a residual growth of 23% YoY, or run-rate of ~166.7k units.
The stock trades at 33.7x/21.8x FY23E/FY24E earnings. We maintain our BUY rating.
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