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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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).
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