Sharekhan maintains buy rating on Maruti Suzuki with price target of Rs 9000
Maruti Suzuki reported revenues in-line with estimates but missed on operating performance on back of unfavourable product mix and rise in the prices of key raw materials. Maruti’s Net revenue grew 13.1% yoy at Rs 23458 cr in Q3 FY21, driven by 13.0% growth in domestic volumes and 20.6% growth in exports, while the realization remained flat. Sharekhan maintains buy rating with price target of Rs 9000.
Despite the adverse situations, the EBITDA margin remained firm for Maruti, aided by improved capacity utilisation and lower marketing expenses: Reuters