Motilal Oswal's research report on Maruti Suzuki
MSIL’s 4QFY23 miss was led by a weak product mix and FX impact. Driven by new products, MSIL is expected to outperform underlying industry growth of 5-7% in FY24, resulting in market share gains and margin recovery. Chip shortages and commodity inflation could pose risks to our estimates. We marginally lower our FY24E/FY25E EPS by 1%/3% to factor in high capex and resultant lower treasury income.
Outlook
The stock trades at 24.3x/21.1x FY24E/FY25E consolidated EPS. Maintain BUY with a TP of INR10,100/share (premised on 25x Mar’25E consolidated EPS).
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