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Sharekhan is bullish on Maruti Suzuki India has recommended buy rating on the stock with a target price of Rs 8000 in its research report dated September 10, 2020.
Sharekhan's research repor on Maruti Suzuki India
Our channel checks indicate improving demand for Maruti Suzuki India Ltd (Maruti) with retail sales drop narrowing to 5% yoy as compared to 20% yoy drop in July. Government unlock measures, increased preference for personal transport is leading to improved volumes. With completion of inauspicious Shraddh period in mid-September, dealers expect further pick up in sales. We expect Maruti to report positive growth on yoy basis starting with the festive season. Wholesale sales are expected to be better than retails due to channel inventory filling. FY22 likely to witness double-digit growth due to normalisation of economic activity; margins to improve on operating leverage and lower discounts.
Outlook
We rollover our target multiple on FY23 earnings to arrive at PT of Rs 8,000. We retain Buy rating on the stock.
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