Maruti Suzuki India slips despite strong Q2 nos; here is what brokerages suggest

Maruti Suzuki share worth NSE, Maruti Suzuki share worth goal 2023: Maruti Suzuki India (MSIL) shares on Monday, October 30, gave up preliminary positive factors to slide as a lot as practically three per cent to day’s low of Rs 10,245 on the NSE. India’s main automotive producer reported its earnings for the quarter ended September 30, 2023, on Friday, October 27, throughout market hours, beating analysts’ estimates by a giant margin. Maruti Suzuki India shares ended 1.53 per cent decrease at Rs 10,399 on NSE.

The corporate posted a standalone revenue after tax (PAT) or internet revenue of Rs 3,716.5 crore for Q2, translating into an 80.3 per cent leap on a year-on-year (YoY) foundation. The carmaker had reported a revenue of Rs 2,061.5 crore within the year-ago interval. Maruti stated that the leap in internet revenue was on account of upper internet gross sales, a softening of commodity costs, value discount efforts, and better non-operating earnings.

The corporate’s whole income from operations got here in at Rs 37,062.1 crore, up 23.8 per cent YoY. The corporate’s working earnings earlier than curiosity, and tax (EBIT) jumped 95 per cent YoY to Rs 3,990.1 crore. Read more

This is how the counter moved on Monday, October 30: 

Supply: NSE

Maruti Suzuki India share worth goal: This is what brokerages make of Maruti Suzuki India’s Q2 earnings announcement

Morgan Stanley has maintained an obese score on Maruti Suzuki India. The worldwide brokerage has raised the goal to Rs 12,304 from Rs 11,963, translating an upside of over 16 per cent from the counter’s earlier shut.

It stated that upgrades to consensus earnings, rising market share, and gradual first-time purchaser restoration hold the brokerage obese on the inventory. As well as, Citi has maintained a purchase stance on the counter. The brokerage has raised the goal to Rs 14,500 from Rs 13,600, which implies an upside of over 37 per cent from the earlier shut.

“Sturdy beat pushed by optimistic combine and decrease value pressures; improve EBIT estimated by 4–13 per cent over FY24–26E to mirror greater ASPs and margins, the worldwide brokerage added in its word.

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