2025-01-17 10:23:38 am | Source: Motilal Oswal Financial Services Ltd
Buy Maruti Suzuki Ltd For Target Rs. 13,955 by Motilal Oswal Financial Services Ltd
* MSIL has been able to buck the weak demand trend in PVs in 3Q, with 13% YoY growth in volumes. While domestic sales (ex of sale to Toyota) rose 6% YoY, exports grew 38% YoY. In fact, MSIL was able to clock record 250k unit sales in Dec’24 itself, up 8% YoY.
* While discounts are likely to be high QoQ due to seasonality, the surge in discounts is expected to be lower than normal.
* While input costs are likely to be stable QoQ, the benefits from operating leverage would be offset by higher discounts. We expect MSIL margins to decline by 50bp QoQ.
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