Sharekhan's research report on Maruti Suzuki India
Q4FY2023 was the consecutive fourth quarter when Maruti Suzuki India Limited (MSIL) registered sequential improvement in EBITDA margin. With an order book of 412,000 units and successful new launches, management is looking to outperform the PV industry’s growth in FY2024. Management bets on launches of SUVs and CNG variants to regain their market share, while it indicates production challenges in Q1FY2024E.
Outlook
We reiterate our Buy rating on MSIL, with an unchanged PT of Rs. 10,965, factoring in market share gains through refreshed and new launches.
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