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  • CMP 1227.95

    Target Price 1330.00

    ISIN: INE585B01010

    AUGUST 29 th

    , 2013

    MARUTI SUZUKI INDIA LTD. Result Update: Q1 FY14

    BUYBUYBUYBUY

    Index Details

    Stock Data

    Sector Automobile

    BSE Code 532500

    Face Value 5.00

    52wk. High / Low (Rs.) 1773.45/1128.05

    Volume (2wk. Avg.) 78000

    Market Cap (Rs. in mn.) 370939.14

    Annual Estimated Results (A*: Actual / E*: Estimated)

    Years FY13A FY14E FY15E

    Net Sales 435879.30 488184.82 541885.15

    EBITDA 50420.50 63776.01 74067.90

    Net Profit 23921.30 29816.50 34468.72

    EPS 79.19 98.70 114.10

    P/E 15.51 12.44 10.76

    Shareholding Pattern (%)

    1 Year Comparative Graph

    MARUTI SUZUKI INDIA LTD. BSE SENSEX

    SYNOPSIS

    � Maruti Suzuki is India’s largest passenger vehicle company with a market share close to 40% which

    offers 15 models with over 200 variants across the

    Industry segments like: Passenger cars, Utility

    vehicles and Vans.

    � The Company has posted a net profit of Rs. 6316.10 million for the quarter ended June 30, 2013 where

    as the same was at Rs. 4237.70 million for the

    quarter ended June 30, 2012.

    � Total Income is Rs. 104416.40 million for the quarter ended June 30, 2013 where as the same was

    at Rs. 108904.60 million for the quarter ended June

    30, 2012.

    � Maruti Suzuki India Limited announced the launch of the CNG variant of Ertiga, 7-seater utility vehicle

    coinciding with Environment month, June 2013.

    � The company’s market share also went up from 38.3 per cent to 39.1 per cent during 2012-13.

    � The capital investment proposed for this year is approximately Rs. 35000 million.

    � Suzuki Japan has decided that India will now be responsible for the export markets of Africa, the

    Middle East and its neighbouring countries.

    � During the year, the Company was rated 1st in customer satisfaction for the 13th consecutive year

    in the annual survey by J.D. Power Asia Pacific.

    � Net Sales and Operating Profit of the company are expected to grow at a CAGR of 15% and 28% over

    2012 to 2015E respectively.

    PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND

    Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

    Maruti Suzuki India Ltd 1227.95 370939.14 79.19 15.51 2.00 150.00

    Mahindra & Mahindra Ltd 778.50 479872.60 57.88 13.46 3.27 260.00

    Force Motors Ltd 280.00 3649.20 13.83 20.03 0.32 100.00

    Tata Motors Ltd 299.45 969301.10 2.48 121.43 4.97 200.00

  • Quarterly Highlights STANDALONE

    Results updates- Q1 FY14,

    Maruti Suzuki is India’s largest passenger vehicle

    company with a market share close to 40% which

    offers 14 models with over 200 variants across the

    Industry segments like: Passenger cars, Utility

    vehicles and Vans, reported its financial results for

    the quarter ended 30 JUNE, 2013.

    Months JUNE-13 JUNE-12 % Change

    Net Sales 102373.40 107781.50 -5.02%

    PAT 6316.10 4237.70 49.05%

    EPS 20.91 14.67 42.55%

    EBITDA 13704.60 8986.00 52.51%

    The company’s net profit jumps to Rs.6316.10 million against Rs. 4237.70 million in the corresponding quarter

    ending of previous year, an increase of 49.05%. Revenue for the quarter fell 5.02% to Rs. 102373.40 million from

    Rs.107781.50 million, when compared with the prior year period. Reported earnings per share of the company

    stood at Rs.20.91 a share during the quarter, registering 42.55% increase over previous year period. Profit

    before interest, depreciation and tax is Rs.13704.60 millions as against Rs.8986.00 millions in the corresponding

    period of the previous year.

    Expenditure :

    Break up of Expenditure

    Rs. Millions

    Q1 FY14 Q1 FY13

    Cost of Material consumed 68762.10 80630.40

    Depreciation 4801.60 3399.10

    Employees Benefit Expenses 2951.10 2268.40

    Other Expenditure 14104.60 13746.60

    Purchase of Traded Goods 5640.70 4680.50

  • Latest Updates

    Production and Sales in July 2013

    SEGMENT MODEL PRODUCTION DOMESTIC SALES EXPORTS SALES

    Month July.2012 July.2013 July.2012 July.2013 July.2012 July.2013

    Mini Car, Alto, A Star,

    Wagon R 36349 43313 28998 33587 8665 6582

    Compact Ritz, Swift, Estilo 13179 20621 15759 13882 609 48

    Super Compact, Missize &

    Executive class

    Dzire, SX4,

    Kizashi 11590 21613 12094 15571 1833 1448

    Utility Vehicles Gypsy, Ertiga,

    Grand Vitara 7343 5657 7294 4562 5 11

    Vans Eeco, Omni 7248 8032 6879 7543 98 65

    GRAND TOTAL 75709 99236 71024 75145 11210 8154

    � Maruti Suzuki India Limited announced the launch of the CNG variant of Ertiga, 7-seater utility vehicle

    coinciding with Environment month, June 2013. With this launch, Ertiga will now be available in all three

    fuel variants: CNG, petrol and diesel. Ertiga Green will be available in states with CNG infrastructure

    including Delhi NCR, Gujarat, Mumbai, Pune, and parts of Andhra Pradesh, Uttar Pradesh and Madhya

    Pradesh.

    � Maruti Suzuki India Limited introduced the stylish, aggressive and sporty ‘Stingray’. This car will be

    available in Lxi and Vxi variants.

    Introductory Prices

    VARIANTS Ex Showroom DELHI (in Rs.)

    Stringray Lxi 409999

    Stringray Vxi 437999

    Stringray Vxi (O) 466999

    Future plan of action

    The Company will continue to introduce new range of products and variants in automobiles to meet growing

    customers’ expectations. The company will take initiative step to introduce alternate fuel options like LPG and

    CNG in the company’s vehicles.

    In the long term, the company will focus on enhancing the capability in the field of EV-HEV (Electric Vehicle –

    Hybrid Electric Vehicle) and other environment friendly initiatives.

  • Company Profile

    Maruti Suzuki India Limited (MSIL, formerly known as Maruti Udyog Limited) is a subsidiary of Suzuki Motor

    Corporation, Japan. Maruti Suzuki has been the leader of the Indian car market for over two and a half decades.

    The company has two manufacturing facilities located at Gurgaon and Manesar, south of New Delhi, India. Both

    the facilities have a combined capability to produce over a 1.5 million (1,500,000) vehicles annually. The

    company plans to expand its manufacturing capacity to 1.75 million by 2013.

    Products: CARS

    The Company offers 15 brands and over 150 variants ranging from people's car Maruti 800 to the latest Life

    Utility Vehicle, Ertiga. The portfolio includes Maruti 800, Alto, Alto K10, A-star, Estilo, WagonR, Ritz, Swift,

    Swift DZire, SX4, Omni, Eeco, Kizashi, Grand Vitara, Gypsy and Ertiga. These include Eeco, Alto, Estilo,

    Wagon R and Sx4. With this Maruti Suzuki became the first company in India to introduce factory fitted CNG

    vehicles.

    a. 1206 Sales Outlets across 878 Cities

    b. 2965 Service Stations across 1422 Cities

  • Financial Highlight STANDALONE (A*- Actual, E* -Estimations & Rs. In Millions)

    Balance Sheet as at March31, 2012

    FY12 FY13 FY14E FY15E

    EQUITY AND LIABILITIES:

    Shareholders’ Funds:

    Share Capital 1445.00 1510.00 1510.00 1510.00

    Reserves and Surplus 150429.00 184279.00 214095.80 248564.51

    a. Net worth 151874.00 185789.00 215605.80 250074.51

    Non-Current Liabilities:

    Long-term borrowings 0.00 5429.00 5971.90 7166.28

    Deferred Tax Liabilities [Net] 3023.00 4087.00 5313.10 6747.64

    Other Long Term Liabilities 966.00 1036.00 1087.80 1136.75

    Long Term Provisions 1683.00 2259.00 2620.44 2961.10

    b. Long term liabilities 5672.00 12811.00 14993.24 18011.77

    Current Liabilities:

    Short-term borrowings 10783.00 8463.00 6939.66 5759.92

    Trade Payables 33499.00 41674.00 50008.80 57510.12

    Other Current Liabilities 15892.00 11661.00 9328.80 7089.89

    Short Term Provisions 5302.00 6482.00 7778.40 8945.16

    c. Current Liabilities 65476.00 68280.00 74055.66 79305.09

    Total (a+b+c) 223022.00 266880.00 304654.70 347391.37

    ASSETS:

    Non-Current Assets:

    Fixed Assets:

    i. Tangible Assets 73108.00 95765.00 116833.30 140199.96

    ii. Intangible Assets 2099.00 2227.00 2347.26 2464.62

    iii. Capital work-in-progress 6114.00 19422.00 23500.62 28200.74

    81321.00 117414.00 142681.18 170865.32

    Other non-current assets 263.00 8946.00 9393.30 9862.97

    Non Current Investments 13933.00 18485.00 22434.03 25861.64

    Long Term Loans and Advances 16715.00 12787.00 10229.60 8183.68

    d. Non-Current Assets 112232.00 157632.00 184738.11 214773.61

    Current Assets:

    Current Investments 47541.00 52298.00 56481.84 61000.39

    Inventories 17965.00 18407.00 18775.14 19150.64

    Trade Receivables 9376.00 14237.00 17796.25 21355.50