Buy Maruti Suzuki Ltd for the Target Rs. 18,501 by Motilal Oswal Financial Services Ltd

* MSIL reported just 2% YoY growth in volumes due to challenging demand in domestic market for bulk of 2Q. Exports mix improved 200bp QoQ to 20%.
* EBITDA margin to be under pressure at 9.8% (-210bp YoY) as benefits from operating leverage are likely to be more than offset by higher discounts and new launch expenses QoQ.
* We expect MSIL to post 8% YoY growth in PAT in 2Q.
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