Buy Maruti Suzuki; target of Rs 10,500: Motilal Oswal

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Motilal Oswal's research report on Maruti Suzuki

MSIL reported a strong beat in 3QFY23, driven by better mix (8% beat on ASPs) and higher other income. Recently launched products to reflect in P&L from 1QFY24; commodity price benefit largely reflected in 3QFY23; and the impact of adverse JPY is expected to reflect from 1QFY24. We expect continued improvement in performance and response to new products to act as catalysts for the stock.

Outlook

We upgrade FY23 EPS estimates by 14% to reflect the benefit of mix and higher ‘other income’, but reiterate our FY24 estimates as the mix benefit is offset by the Fx impact. We reiterate our Buy rating with a TP of INR10,500.

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Maruti Suzuki - 27 -01-2023 - moti