Maruti Suzuki Q3 Results Review - Higher ASP, Other Income Drive PAT Outperformance: ICICI Direct

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Direct Report.Maruti Suzuki India Ltd. posted a steady performance in Q3 FY23.Total operating income for the quarter was at Rs 29,044 down 3% QoQ. Q3 FY23 volumes were at 4.7 lakh units, down 10% QoQ. Of this, domestic volumes de-grew 11% QoQ to four lakh units while exports volumes were down 2% QoQ at 0.62 lakh units. Average selling price came in at Rs 5.98 lakh/unit, up 8.3% QoQ.Maruti Suzuki's Ebitda in Q3 FY23 was at Rs 2,833 crore with corresponding Ebitda margins at 9.8%, up ~50 bps QoQ. Gross margin expansion came in lower than anticipated at 44 bps QOQ while savings were realised on the other expenses front, which was down 42 bps QoQ, leading to a marginal miss on the overall operating margin profile.Consequent profit after tax in Q3 FY23 came in at Rs 2,351 crore, up 14% QoQ. Profit after tax performance was driven by higher other income (up 40% QoQ; Rs 861 crore)..Click on the attachment to read the full report:.Maruti Suzuki Q3 Results: Profit Beats Analysts Estimate.More Research Reports On Maruti Suzuki's Q3 FY23 Results Reviews.Strong Show, Improving Volume, Margin Outlook: Dolat CapitalStrong Beat, Led By Better Mix, Higher ‘Other Income’: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Maruti Suzuki Q3 Results Review - Higher ASP, Other Income Drive PAT Outperformance: ICICI Direct

Maruti Suzuki posted a steady performance in Q3 FY23.

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