Industry Update Back
Maruti Suzuki: Volume up 14.1 % YoY to 154.6k units (above est. of 149k)

  • MSIL's  Sep-17 wholesales  came in  at  154,600 units  (+ 14.1%  YoY), higher than our estimate of 148,970 units. YTD growth was at 14.6%, with a residual monthly run-rate of 148.5k units.
  • Domestic volumes grew 15% YoY to 145k (est. of 138k), led by growth in the compact (+ 24.8% YoY) and UV (+ 34% YoY) segments.  
  • Growth in the compact segment was led by Baleno and new Dzire, while that in UVs was led by Brezza and the new S-cross.
  • Ciaz sales declined 26.2% YoY to 4k (est. of 3.8k).
  • Export volumes were flat YoY at 9,300 units (est. of 11,000 units).
  • The stock trades at 22.6x/  19.2x FY19E/20E consol. EPS of ~INR381/448. Maintain Buy.