Maruti Suzuki & TVS report.


Maruti Suzuki 1Q earnings were ahead of estimates at Rs14.86bn (Vs estimate of Rs12.1bn) led primarily by higher than expected other income

 

  • Net sales for the quarter were up 11% yoy to Rs149.3bn (Vs estimate of Rs150bn)
  • EBIDTA margin were marginally higher at 15.1% (Vs estimate of 155)
  • Other income was higher at Rs4.8bn (Vs estimate of Rs2.5bn)
  • PAT for the quarter grew 19% yoy to Rs14.86bn (Vs estimate of Rs12.1bn)
  • We will send more details on the results post the concall

 

 

 

TVS Motors 1Q earnings ahead of estimates on account of higher than expected other income even as margins were in line with estimates

 

  • Net sales for the quarter were up 10% yoy to Rs28.8bn (below estimate of Rs29.8bn)
  • EBIDTA margin was in line of our estimate at 7%
  • Other income increased to Rs362mn for the quarter – ahead of our estimate of Rs100mn
  • PAT for the quarter was up 34% yoy to Rs1.2bn (slightly ahead of estimates of Rs1.16bn)
  • More details on the earnings post the concall today.

 

Fig1: Maruti Suzuki quarterly performance

 

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