Result Update Maruti Suzuki India
Maruti Suzuki India : Higher Raw Material Costs Dent Profit
Reco : Hold Cmp : 1,395 Target : 1,360
Marutiā³(MSIL⳩ Q2FY13 results were below expectations with net profit at Rs 2.3bn (vs. our est. of Rs 4 bn). Margin at 6.1% was 210 bps lower than our estimate due to higher than expected RMC to sales at 81.9% (est. of 80%). Average Rs/Yen was at 0.66x (vs. our est of 0.62x as management had indicated favorable hedges for Q2). Maintain HOLD with TP of Rs 1,360.
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