MARUTI · Automobile and Auto Components
Maruti Suzuki India Ltd. reported revenue of ₹37,449 cr for July to September 2024, +0.3% on the year and +4.7% on the quarter.
Operating profit (EBITDA) was ₹4,999 cr, a margin of 13.3%, −88 bps on the year and −92 bps on the quarter. Over the last 6 quarters the margin has ranged from 10.8% to 14.3%, averaging 13.2%. Operating costs grew +1.3%, faster than revenue at +0.3%, so operating profit grew less than sales.
Net profit was ₹3,102 cr, −18.1% on the year and −17.5% on the quarter, with earnings per share of ₹98.68. Profit before other income, one-offs and tax grew faster, at −9.2%; other income, one-offs or tax held the headline back. The tax rate was 40% against an average of 23% over the previous 5 quarters, which weighed on profit this quarter.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹445.97 over the last four quarters, the stock at ₹13,026.00 trades at 29.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹33,513 cr | ₹38,471 cr | ₹35,779 cr | ₹37,449 cr | ₹38,764 cr | ₹40,920 cr | ₹38,605 cr | ₹42,344 cr | ₹49,904 cr | ₹52,462 cr | ₹52,470 cr | ₹53,356 cr |
| YoY | — | — | +10% | +0% | +16% | +6% | +8% | +13% | +29% | +28% | +36% | +26% |
| EBITDA margin | 13.2% | 13.6% | 14.3% | 13.3% | 13.1% | 11.8% | 12.0% | 12.0% | 11.2% | 11.7% | 8.2% | 8.9% |
| Other income, % of PBT | 25% | 25% | 23% | 31% | 24% | 32% | 39% | 23% | 23% | 12% | 44% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 23% | 22% | 40% | 21% | 20% | 23% | 23% | 21% | 26% | 22% | 23% |
| Net profit | ₹3,207 cr | ₹3,952 cr | ₹3,760 cr | ₹3,102 cr | ₹3,727 cr | ₹3,911 cr | ₹3,792 cr | ₹3,349 cr | ₹3,879 cr | ₹3,659 cr | ₹3,447 cr | ₹2,466 cr |
| YoY | — | — | +48% | −18% | +16% | −1% | +1% | +8% | +4% | −6% | −9% | −26% |
| Core profit YoY | — | — | +72% | −9% | +16% | −13% | −19% | −7% | +5% | +30% | −18% | −18% |
| EPS | ₹102.00 | ₹125.71 | ₹119.58 | ₹98.68 | ₹118.54 | ₹124.40 | ₹120.62 | ₹106.52 | ₹123.38 | ₹116.38 | ₹109.63 | ₹78.44 |
| Flags | · | · | ✓ | 1 | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Maruti Suzuki India Ltd. reported revenue of ₹37,449 cr (+0.3% on the year) and net profit of ₹3,102 cr (−18.1% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −9.2% on the year, against −18.1% for reported profit.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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