The automaker hiked vehicle prices in July and September. Discount moderation and better volumes may drive sequential margin improvement, analysts said.
Emkay Global expects Maruti Suzuki to log a 49.9 per cent YoY in standalone profit at Rs 687.60 crore compared with Rs 1,371.60 crore in the year ago quarter. It sees revenues rising 2.2 per cent YoY to Rs 19,157.60 crore from Rs 18,744.50 crore in the year ago quarter. EBitda margin is seen at 6 per cent, down 433 basis points over 10.3 per cent in the year-ago quarter.
“Revenues should grow marginally, supported by higher realizations (6 per cent YoY). Volumes declined 3 per cent YoY. Ebitda margin is estimated to contract due to lower scale and delays in the pass-through of commodity inflation,” it said.
Axis Securities said volumes declined 3.5 per cent on the back of supply chain issues and semiconductor chip shortages. It expects revenues to rise 3 per cent YoY, led by 7 per cent YoY increase in average selling price (ASPs) due to price hikes taken over the last few quarters, offset by decline in volumes. Gross margins may remain impacted due to higher input costs.
This brokerage sees profit falling 36.4 per cent YoY to Rs 886 crore.
Motilal Oswal Securities expects the carmaker’s profit to fall 45.2 per cent to Rs 751.2 crore on a 3 per cent rise in sales at 19,312 crore. YES Securities sees Maruti’s profit sinking 70 per cent!.
