JM Financial’s research report on Maruti Suzuki
MSIL reported 4QFY18 with EBITDA margin at 14.2% (+30bps YoY, -150bps QoQ). Topline at INR 206bn (+14% YoY, +9% QoQ), in-line JMFe, was driven by 11% YoY volume growth and 3% expansion in realisation on healthy sales mix and lower discounts.
With new model launches and continued network expansion, we stay positive on MSILs long-term growth prospects. Maintain BUY on the stock with TP of INR 10,200. Sharp rise in raw material costs, sharp 楼 appreciation, slower than expected demand are key risks.
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