Maruti Suzuki

₹10585.7 -18.4 | 0.2%

WEBSITE BSE:532500 NSE : MARUTISUZUK 01 Dec, 16:07

Market Cap ₹319773 Cr.

Stock P/E 28.2

P/B 4.9

Current Price ₹10585.7

Book Value ₹ 2178

Face Value 5

52W High ₹10846.1

Dividend Yield 0.85%

52W Low ₹ 8076.7

Edit Ratio

Maruti Suzuki Research see more...

MSIL have good upside potential due to recent corrections in commodity prices and Fx.

Overview Inc. Year: 1981Industry: Automobiles - Passenger Cars

Maruti Suzuki India Limited is engaged within the production, buying and sale of motor vehicles, additives and spare elements. The Company's other activities accommodates facilitation of pre-owned vehicle sales, fleet management and car financing. The Company gives its products thru 3 channels, namely Nexa, Arena and Commercial. Its portfolio of Nexa merchandise consist of Baleno, XL6, Ignis, S-Cross and Ciaz. Its portfolio of Arena merchandise includes Vitara Brezza, Ertiga, Wagon-R, Dzire, Alto, Celerio, CelerioX, S-Presso, Eeco and Swift. Its portfolio of Commercial products consists of Super Carry and Eeco Cargo. Its provider services consist of Maruti Suzuki Genuine Parts, Maruti Suzuki Genuine Accessories, Maruti Suzuki Finance, Maruti Insurance, Maruti Suzuki Rewards, Maruti Suzuki Subscribe and Maruti Suzuki Driving School. The Company's plant is positioned in Palam Gurgaon Road, Gurgaon, Haryana, and at Manesar Industrial Town, Gurgaon, Haryana.

Maruti Suzuki Share Price

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Peer Comparison

Maruti Suzuki Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Net Sales	17776	20551	23253	26749	26512	29943	29058	32060	32339	37073
Other Income	508	506	328	443	81	599	861	743	978	829
Total Income	18284	21057	23581	27192	26593	30542	29918	32803	33317	37902
Total Expenditure	16958	19694	21691	24320	24597	27172	26221	28708	29353	32283
Operating Profit	1327	1362	1890	2872	1996	3370	3698	4095	3964	5620
Interest	22	23	25	56	28	31	30	99	47	35
Depreciation	744	757	641	648	652	723	711	740	748	794
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	561	583	1224	2168	1316	2616	2958	3256	3169	4790
Provision for Tax	122	123	210	364	311	566	602	633	706	1084
Profit After Tax	439	460	1014	1804	1005	2050	2356	2623	2463	3706
Adjustments	36	27	28	72	31	63	36	48	62	58
Profit After Adjustments	475	487	1042	1876	1036	2113	2392	2671	2525	3764
Adjusted Earnings Per Share	15.7	16.1	34.5	62.1	34.3	70	79.2	88.4	83.6	124.6

Maruti Suzuki Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	44304	44542	50801	57589	68085	79809	86069	75660	70372	88330	117571	130530
Other Income	830	739	865	1481	2290	2046	2562	3334	2936	1745	2141	3411
Total Income	45135	45281	51666	59070	70375	81855	88630	78994	73308	90075	119712	133940
Total Expenditure	39977	39247	43957	48700	57727	67746	75065	68347	65020	82624	106554	116565
Operating Profit	5158	6034	7709	10369	12648	14109	13565	10647	8288	7451	13158	17377
Interest	198	185	218	82	89	346	76	134	102	127	187	211
Depreciation	1890	2116	2515	2822	2604	2760	3021	3528	3034	2789	2826	2993
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	3070	3734	4976	7585	10127	11167	10624	7103	5321	4697	10323	14173
Provision for Tax	622	902	1185	2088	2616	3286	2973	1425	932	818	2112	3025
Profit After Tax	2449	2832	3791	5497	7511	7881	7651	5678	4389	3880	8211	11148
Adjustments	21	21	17	-1	-1	-1	-2	-2	0	0	0	204
Profit After Adjustments	2469	2853	3807	5496	7510	7880	7649	5676	4389	3880	8211	11352
Adjusted Earnings Per Share	81.8	94.5	126.1	182	248.7	260.9	253.3	187.9	145.3	128.5	271.9	375.8

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	33%	16%	8%	10%
Operating Profit CAGR	77%	7%	-1%	10%
PAT CAGR	112%	13%	1%	13%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	18%	14%	6%	20%
ROE Average	14%	10%	12%	15%
ROCE Average	18%	12%	15%	20%

Maruti Suzuki Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	19028	21496	24318	30616	37075	42559	47092	49413	52501	55334	61791
Minority's Interest	11	12	13	14	15	16	18	19	0	0	0
Borrowings	705	627	278	0	0	10	8	5	3	0	0
Other Non-Current Liabilities	902	1045	886	1051	1633	2214	2691	2885	2659	2157	2419
Total Current Liabilities	6871	8295	8981	11044	13237	15449	14161	11305	16214	17024	20107
Total Liabilities	27517	31476	34477	42726	51961	60248	63969	63628	71376	74514	84318
Fixed Assets	10022	11034	12490	12530	13311	13389	15437	15744	14989	13747	17830
Other Non-Current Assets	6320	5498	13293	22245	29852	38930	36159	39443	38290	43974	54872
Total Current Assets	11175	14944	8695	7951	8798	7930	12373	8441	18097	16793	11616
Total Assets	27517	31476	34477	42726	51961	60248	63969	63628	71376	74514	84318

Maruti Suzuki Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	203	165	89	28	43	23	73	186	21	41	35
Cash Flow from Operating Activities	4059	4995	6449	8483	10282	11788	6601	3496	8856	1841	9251
Cash Flow from Investing Activities	-3224	-4997	-4491	-7230	-9173	-8302	-3540	-557	-7291	-239	-8036
Cash Flow from Financing Activities	-979	-74	-2004	-1237	-1129	-3436	-2948	-3104	-1545	-1607	-1213
Net Cash Inflow / Outflow	-144	-76	-45	16	-21	50	113	-165	20	-6	2
Closing Cash & Cash Equivalent	165	89	43	43	23	73	186	21	41	35	37

Maruti Suzuki Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	81.76	94.47	126.07	181.99	248.67	260.93	253.28	187.95	145.33	128.46	271.89
CEPS(Rs)	143.65	163.83	208.8	275.46	334.93	352.33	353.36	304.83	245.8	220.81	365.45
DPS(Rs)	8	12	25	35	75	80	80	60	45	60	90
Book NAV/Share(Rs)	630.06	711.8	805.25	1013.77	1227.65	1409.25	1559.34	1636.19	1738.43	1832.24	2046.07
Core EBITDA Margin(%)	8.67	10.63	12.21	13.65	13.4	14.1	12.19	9.11	7.25	6.23	9.05
EBIT Margin(%)	6.55	7.87	9.27	11.78	13.21	13.46	11.86	9.02	7.34	5.27	8.63
Pre Tax Margin(%)	6.15	7.5	8.88	11.65	13.1	13.06	11.77	8.85	7.2	5.13	8.48
PAT Margin (%)	4.91	5.69	6.76	8.44	9.71	9.21	8.48	7.08	5.94	4.24	6.75
Cash Profit Margin (%)	8.7	9.93	11.25	12.78	13.08	12.44	11.83	11.47	10.05	7.28	9.07
ROA(%)	9.68	9.6	11.49	14.24	15.87	14.05	12.32	8.9	6.5	5.32	10.34
ROE(%)	14.11	13.97	16.55	20.01	22.19	19.79	17.07	11.77	8.61	7.2	14.02
ROCE(%)	17.34	17.77	21.42	27.46	29.87	28.7	23.8	14.96	10.58	8.87	17.7
Receivable days	9.3	11.08	8.57	6.92	5.96	5.69	7.64	9.76	8.05	6.61	8
Inventory Days	13.63	13.38	14.68	16.48	15.1	13.71	13.11	14.87	15.47	13.12	11.72
Payable days	42.76	53.15	53.87	60.93	61.6	62.62	61.7	58.83	63.44	55.08	45.6
PER(x)	15.65	20.87	29.34	20.44	24.23	33.97	26.34	22.81	47.2	58.85	30.5
Price/Book(x)	2.03	2.77	4.59	3.67	4.91	6.29	4.28	2.62	3.95	4.13	4.05
Dividend Yield(%)	0.63	0.61	0.68	0.94	1.24	0.9	1.2	1.4	0.66	0.79	1.09
EV/Net Sales(x)	0.89	1.37	2.21	1.95	2.68	3.35	2.34	1.71	2.91	2.55	2.14
EV/Core EBITDA(x)	7.64	10.09	14.57	10.85	14.42	18.97	14.85	12.17	24.69	30.29	19.12
Net Sales Growth(%)	22.76	0.54	14.05	13.36	18.23	17.22	7.84	-12.09	-6.99	25.52	33.1
EBIT Growth(%)	48.08	19.9	32.55	47.61	33.26	12.69	-7.06	-32.36	-25.07	-11.05	117.88
PAT Growth(%)	49.87	15.64	33.87	45.02	36.63	4.92	-2.92	-25.79	-22.69	-11.61	111.65
EPS Growth(%)	40.55	15.54	33.46	44.35	36.64	4.93	-2.93	-25.8	-22.67	-11.61	111.65
Debt/Equity(x)	0.08	0.09	0.03	0.01	0.01	0	0	0	0.01	0.01	0.02
Current Ratio(x)	1.63	1.8	0.97	0.72	0.66	0.51	0.87	0.75	1.12	0.99	0.58
Quick Ratio(x)	1.36	1.6	0.67	0.44	0.42	0.31	0.64	0.46	0.93	0.78	0.37
Interest Cover(x)	16.52	21.24	23.85	93.84	114.28	33.29	140.97	53.93	53.27	38.1	56.2
Total Debt/Mcap(x)	0.04	0.03	0.01	0	0	0	0	0	0	0	0

Maruti Suzuki Shareholding Pattern

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	56.37	56.37	56.37	56.37	56.37	56.37	56.37	56.48	56.48	56.48
FII	22.9	22.52	23.6	22.57	21.89	21.84	21.48	21.11	21.88	21.84
DII	15.76	15.98	15.29	16.26	18.01	18.1	18.26	18.63	18.13	18.22
Public	4.97	5.13	4.74	4.81	3.73	3.69	3.88	3.78	3.51	3.45
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	17.03	17.03	17.03	17.03	17.03	17.03	17.03	17.06	17.06	17.06
FII	6.92	6.8	7.13	6.82	6.61	6.6	6.49	6.38	6.61	6.6
DII	4.76	4.83	4.62	4.91	5.44	5.47	5.52	5.63	5.48	5.5
Public	1.5	1.55	1.43	1.45	1.13	1.11	1.17	1.14	1.06	1.04
Others	0	0	0	0	0	0	0	0	0	0
Total	30.21	30.21	30.21	30.21	30.21	30.21	30.21	30.21	30.21	30.21

Pros

Debtor days have improved from 55.08 to 45.6days.
Company is almost debt free.

Cons

Company has a low return on equity of 10% over the last 3 years.
Stock is trading at 4.9 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.