Buy Maruti Suzuki India; target of Rs 14,312: Deven Choksey

20250805110319_20250315034541_sensex_stocks_nifty.webp

Consolidated revenue from operations grew by 7.9% YoY (-5.7% QoQ) to INR 3,86,052 Mn., above our estimates, led by sharp improvement in realizations (+6.9% YoY) and a stronger momentum in exports. Total dispatches grew at a moderate pace of 1.1% YoY to 527,861 units (-12.7% QoQ) majorly driven by stronger growth in exports volumes which grew by 37.4% YoY, partially offset by decline in domestic volumes by 4.5% YoY, impacted by lingering overhang in the entry-level volume offtake and softer consumer demand. Realizations stood strong primarily driven by a richer product mix (higher SUV share), calibrated price hikes, and favourable FX-led realizations.

Consolidated revenue from operations grew by 7.9% YoY (-5.7% QoQ) to INR 3,86,052 Mn., above our estimates, led by sharp improvement in realizations (+6.9% YoY) and a stronger momentum in exports. Total dispatches grew at a moderate pace of 1.1% YoY to 527,861 units (-12.7% QoQ) majorly driven by stronger growth in exports volumes which grew by 37.4% YoY, partially offset by decline in domestic volumes by 4.5% YoY, impacted by lingering overhang in the entry-level volume offtake and softer consumer demand. Realizations stood strong primarily driven by a richer product mix (higher SUV share), calibrated price hikes, and favourable FX-led realizations.

Consolidated revenue from operations grew by 7.9% YoY (-5.7% QoQ) to INR 3,86,052 Mn., above our estimates, led by sharp improvement in realizations (+6.9% YoY) and a stronger momentum in exports. Total dispatches grew at a moderate pace of 1.1% YoY to 527,861 units (-12.7% QoQ) majorly driven by stronger growth in exports volumes which grew by 37.4% YoY, partially offset by decline in domestic volumes by 4.5% YoY, impacted by lingering overhang in the entry-level volume offtake and softer consumer demand. Realizations stood strong primarily driven by a richer product mix (higher SUV share), calibrated price hikes, and favourable FX-led realizations.