Revenues of Maruti Suzuki India are expected to decrease by 1.8 percent Q-o-Q (up 21 percent Y-o-Y) to Rs 10,052.8 crore, according to Motilal Oswal.
Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to fall by 17.1 percent Q-o-Q (up 90.1 percent Y-o-Y) to Rs 966.7 crore.
Motilal Oswal's Report on Maruti Suzuki India:
Our quarterly estimates for 2QFY14 include SPIL's merger; hence, Y-o-Y performance is strictly not comparable.
Expect volumes to improve 15.3 percent Y-o-Y (flat Q-o-Q) on a lower base (labor issues related production constraints last year). Realizations to improve 5.4 percent YoY (-1.6 percent Q-o-Q). Sequential decline in realizations is due to higher discounts and weak product mix (higher petrol share).
Expect margins to improve 350bp Y-o-Y on a low base. Sequentially, margins would fall by 180bp on higher discounts and lower share of
diesel vehicles.
We downgrade FY14E/15E EPS by 8.7 percent/9.5 percent as we moderate our margin assumption on continued increase in discounts and adverse currency movement.
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Maruti Q2 net may rise 110% at Rs 477.5 cr: Motilal Oswal
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