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Last Updated : Jan 25, 2017 01:08 PM IST | Source: Moneycontrol.com

Maruti Q3 net seen up 74% at Rs 1776 cr, margins may grow 15.5%

In Q3 EBITDA is seen gaining 18.8 percent at Rs 2578 crore against Rs 2169.1 crore while operating profit margin may stand at 15.5 percent versus 14.3 percent YoY.


Maruti has been fairly resilient to demonetisation as it posted 4 percent annual volume growth in December quarter. According to CNBC-TV18 poll, its net profit may rise 74 percent to Rs 1776 crore in October-December from Rs 1019 crore in corresponding quarter last fiscal. During the period, revenue is likely to grow 10.3 percent at Rs 16638 crore against Rs 15081 crore year-on-year.


In Q3 EBITDA is seen gaining 18.8 percent at Rs 2578 crore against Rs 2169.1 crore while operating profit margin may stand at 15.5 percent versus 14.3 percent YoY.


Total volumes increased 4 percent to 3.87 lakh versus 3.74 lakh units (YoY). However volume growth moderated to 4 percent against 18 percen in Q2 due to mini and compact segment getting hit due to demonetisation.

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Realisations are expected to rise 6.3 percent at 4.28 lakh Rs/unit, increase led by higher exports and success of high priced models Brezza and Baleno.


A weaker yen , down 13 percent YoY would lead to lower royalty. Analysts polled by CNBC-TV18, says forex impact may be limited due to indirect exposure and given a lag of a quarter there may be a 40 basis points hit from Japanese yen.

A combination of higher incentives and commodity price impact may lead to 180 basis (QoQ) moderation in gross margins.



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First Published on Jan 24, 2017 04:35 pm
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