The results of the country’s largest car maker Maruti Suzuki (MARUTI SUZUKI) have been better than expected. MARUTI SUZUKI’s profit in the third quarter of FY 2023 increased to Rs 2,351 crore on an annual basis. Whereas in the third quarter of the last financial year, the company’s profit was Rs 1011 crore. Maruti Suzuki’s income in the third quarter of FY 2023 increased to Rs 29,044 crore on an annual basis. Whereas in the same quarter of FY2022, the company’s income was Rs 23,246 crore. After the company’s excellent results today, Nomura has given neutral rating on this stock while Jefferies has adopted bullish attitude.
Today i.e. on January 25, 2023, at 9.26 am, this stock was trading at 8736.65, up 0.44 percent or 37.85 points on the NSE. Its 52 week high is Rs.9769 and its 52 week low is Rs.6536.55.
NOMURA ON MARUTI SUZUKI
Nomura has neutral rating on Maruti Suzuki. He has fixed a target of Rs 9928 on its stock. He says that the company’s income has been more than expected. The company has got support from the average selling price. The company’s EBITDA has been in line with estimates. The company’s cost outlook for the fourth quarter is stable. Margins are expected to improve in the fourth quarter. The brokerage said its outlook is strong. The company’s targets are more than the industry.
JEFFERIES ON MARUTI SUZUKI
Commenting on Maruti Suzuki, Jefferies said that the company’s EBITDA in the third quarter was higher than expected due to better realisations. But the company is positive about the demand ahead. The company has an order book of two and a half months. The brokerage has a buy rating on this auto stock. He has fixed a target price of Rs 11,250 on its stock.