Dolat Capitals recommended accumulate rating on Maruti Suzuki India with a target price of Rs 10408 in its research report dated July 30, 2018.
Dolat Capital's research report on Maruti Suzuki India
MSIL reported volume growth of 24.3% YoY and revenue growth rate of 28% YoY in Q1FY19. The base was low because of multiple events such as cascading effects of DEMO and implementation of GST. We expect the outperformance of MSIL (with management guidance of double digit volume growth) to the industry growth rate to continue going forward because of expansion in rural areas, new launches and through premium customer offering from NEXA.
Outlook
With outperformance to the industry and strong return ratios, we believe that valuation should remain high. We reiterate our Accumulate recommendation with a target price of Rs 10,408.
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