MARUTI · Automobile and Auto Components
Maruti Suzuki India Ltd. reported revenue of ₹33,513 cr for October to December 2023, — on the year and −10.2% on the quarter.
Operating profit (EBITDA) was ₹4,440 cr, a margin of 13.2%, — on the year and −98 bps on the quarter.
Net profit was ₹3,207 cr, — on the year and −15.3% on the quarter, with earnings per share of ₹102.00.
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.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
| 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 ₹33,513 cr (— on the year) and net profit of ₹3,207 cr (— on the year) for October to December 2023.
None of the 2 checks that could run raised a question.
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