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Below is quote on Maruti Suzuki’s September 2021 numbers by Mr. Milan Desai, Lead Equity Analyst, Angel One Ltd

Maruti Suzuki’s Sep’21 numbers have posted a sharp decline as called out by the management earlier owing to shortage of semiconductors which has constrained supply of electronic components. The total sales stood at 86,380 units for the month (-34% MoM / -46% YoY). The total domestic PV sales were down 57% YoY/39% MoM to 63,111 units. As a result of the shortage of components, the decline was more prominent in mid-size and compact segments which declined by ~54% each on MoM basis while the decline in other PV segments was slightly lower than that of mid-size and compact. Total Domestic sales, incl. LCV and sales to other OEMs were down by 37.5% MoM to 68,815 units. Among the Auto space, we remain positive on PV space given the high wait periods and strong demand conditions.

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