Buy Maruti Suzuki Ltd For Target Rs. 14,050 by Motilal Oswal Financial Services Ltd
* MSIL reported a 5% YoY growth in volumes, led by growth in SUVs and higher discounts in Mar’25.
* We expect avg ASP to decline QoQ despite the price hike taken in Feb’25 given the adverse mix in favor of cars.
* Overall, we expect EBITDA margin to remain stable QoQ at 11.6% as the impact of adverse mix and forex and spends for Auto Expo are likely to be offset by operating leverage benefits and lower discounts QoQ.
* Depreciation is likely to inch up in 4Q due to the commissioning of its Karkhoda facility.
* As a result, we expect MSIL to post 10% YoY decline in PAT
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