{"id":12956,"date":"2023-01-25T18:11:31","date_gmt":"2023-01-25T12:41:31","guid":{"rendered":"https:\/\/univest.in\/blogs\/?p=12956"},"modified":"2023-01-25T18:12:15","modified_gmt":"2023-01-25T12:42:15","slug":"maruti-suzuki-surprises-with-impressive-numbers-in-q3fy23","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/maruti-suzuki-surprises-with-impressive-numbers-in-q3fy23\/","title":{"rendered":"Maruti Suzuki surprises with impressive numbers in Q3FY23"},"content":{"rendered":"<p>Maruti Suzuki is the market leader in the domestic passenger vehicle (PV) space with a market share pegged at 43.4% as of FY22 data. Maruti Suzuki on 24th January 23 announced their Q3FY23 results, where they reported an excellent performance across all metrics. The company recorded a whooping triple-digit YoY growth in its net profits supported by the highest-ever EBITDA margin. Even on the technical charts, the Maruti Suzuki stock has made a breakthrough candle by surpassing previous highs as it gained almost 3% intra-day on the day of the announcement of Q3FY23 results. So, let\u2019s now analyse their Q3FY23 numbers &amp; check if there is any more upside potential.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-surprises-with-impressive-numbers-in-q3fy23\/#Maruti_Suzuki_Q3_Profit_zooms_130_to_Rs_2391_crore_revenue_up_25\" title=\"Maruti Suzuki Q3: Profit zooms 130% to Rs 2,391 crore, revenue up 25%\u00a0\">Maruti Suzuki Q3: Profit zooms 130% to Rs 2,391 crore, revenue up 25%\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/maruti-suzuki-surprises-with-impressive-numbers-in-q3fy23\/#Univest_view_with_Technical_Analysis\" title=\"Univest view with Technical Analysis\">Univest view with Technical Analysis<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Maruti_Suzuki_Q3_Profit_zooms_130_to_Rs_2391_crore_revenue_up_25\"><\/span><strong><span data-preserver-spaces=\"true\">Maruti Suzuki Q3: Profit zooms 130% to Rs 2,391 crore, revenue up 25%\u00a0<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Maruti Suzuki\u2019s net profit for the December quarter more than doubled on the year to Rs 2,391 crore. The total revenue from operations came in at Rs 29189, crore, rising 24.96 percent from Rs 23,581 crore in the corresponding quarter a year ago, the largest carmaker in the country said in an exchange filing. This was aided by its new launches the Brezza and the Grand Vitara in the mid-size SUVs. These models are making up for the fall in demand for smaller and more compact cars as customer preferences have moved to bigger-sized cars.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-12957 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP.png\" alt=\"Profit growth\" width=\"1280\" height=\"720\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP.png 1280w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP-300x169.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP-1024x576.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP-768x432.png 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>Among the positive factors that aided the company&#8217;s margin included cost reduction efforts, improved realisation, favourable foreign exchange variation, softening commodity prices, and higher non-operating income.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-12958 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA.png\" alt=\"EBITDA\" width=\"1280\" height=\"720\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA.png 1280w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA-300x169.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA-1024x576.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA-768x432.png 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>Profit growth was driven by higher sales and a fall in raw material costs. Maruti Suzuki&#8217;s EBITDA margin expanded 300 basis points from the same period last year and was in line with estimates of 9.7 percent. This is the second straight quarter and the third time in the last four quarters where Maruti&#8217;s margin has been in excess of 9 percent. The major negative factor affecting companies performance is increasing sales promotion cost.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-12959 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes.png\" alt=\"Unit Volumes\" width=\"1280\" height=\"720\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes.png 1280w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes-300x169.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes-1024x576.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes-768x432.png 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>Volumes for the quarter grew 8 percent from the year-ago period to 4.65 lakh units. At the end of the quarter, pending customer orders stood at 3.63 lakh vehicles out of which 1.19 lakh orders were for newly launched models. The country\u2019s largest automaker saw the highest-ever sales of 19,40,067 units in 2022, and record exports of 2,63,068 units. Its cumulative production crossed 25 million units. Ashwin Patil of LKP Securities called Maruti&#8217;s earnings impressive and said that they are 3-4 percent higher than their estimate.<\/p>\n<p>In the recent Auto Expo, Maruti Suzuki launched two new models, its compact SUV Fronx as well as the SUV Jimny. These models are expected to help Maruti Suzuki maintain its leadership in the PV segment. However, one red flag is that Maruti has not yet introduced any EVs in the Indian market. Tata Motors has already established leadership in this segment with its Nexon EV and M&amp;M is launching its EV on the 26th of January. With the growing adoption of EVs, Maruti Suzuki needs some catching up to do as the Government is also pushing for a higher adaptation of EVs.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Univest_view_with_Technical_Analysis\"><\/span><b>Univest view with Technical Analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-12960 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-Chart.png\" alt=\"Chart\" width=\"1280\" height=\"720\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Chart.png 1280w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Chart-300x169.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Chart-1024x576.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Chart-768x432.png 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>On the Univest App, the company has a BUY rating, having strong fundamentals and a bullish stance for short as well as the long-term trend. Therefore, existing investors can remain invested while fresh investors can consider buying the stock now with a long-term view and TP of 11,200.<\/p>\n<p>The stock price has been rejected from the moving averages as shown in the graph, which is a good sign of positioning toward a bullish move. The Relative Strength Index in the Daily timeframe has crossed 60, both weekly and monthly rejected from 50, which supports the above statement. From this, we can expect overall good performance in the Automobile sector.<\/p>\n<p>You may also like: <a href=\"https:\/\/univest.in\/blogs\/asian-paints-q3fy23-results-muted-sales-growth-lead-to-below-expectation-results\/\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Asian Paints Q3FY23 Results : Muted sales growth lead to below expectation results&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:769,&quot;3&quot;:{&quot;1&quot;:0},&quot;11&quot;:3,&quot;12&quot;:0}\">Asian Paints Q3FY23 Results : Muted sales growth lead to below expectation results<\/span><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><b>ABOUT THE AUTHOR<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Ketan Sonalkar (SEBI Rgn No INA000011255 )<\/span><span style=\"font-weight: 400;\">Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at Univest. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Note \u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\/recommendation\/advice<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Maruti Suzuki is the market leader in the domestic passenger vehicle (PV) space with a market share pegged at 43.4% as of FY22 data. Maruti Suzuki on 24th January 23 announced their Q3FY23 results, where they reported an excellent performance across all metrics. The company recorded a whooping triple-digit YoY growth in its net profits<\/p>\n","protected":false},"author":10,"featured_media":26915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[624,625],"class_list":["post-12956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-maruti-suzuki","tag-maruti-suzuki-growth"],"metadata":{"_edit_lock":["1674650394:10"],"_edit_last":["10"],"_thumbnail_id":["26915"],"_nectar_gallery_slider":["off"],"_nectar_quote_author":[""],"_nectar_quote":[""],"_nectar_link":[""],"_nectar_video_m4v":[""],"_nectar_video_ogv":[""],"_nectar_video_poster":[""],"_nectar_video_embed":[""],"_nectar_audio_mp3":[""],"_nectar_audio_ogg":[""],"_post_item_masonry_sizing":["regular"],"_nectar_header_bg":[""],"_nectar_header_parallax":["off"],"_nectar_header_bg_height":[""],"_nectar_page_header_bg_alignment":["top"],"_nectar_header_bg_color":[""],"_nectar_header_font_color":[""],"_wpb_vc_js_status":["false"],"_yoast_wpseo_content_score":["30"],"_yoast_wpseo_estimated-reading-time-minutes":[""],"_yoast_wpseo_wordproof_timestamp":[""],"_yoast_wpseo_primary_category":["24"],"nectar_blog_post_view_count":["363"],"rank_math_primary_category":["24"],"rank_math_news_sitemap_robots":["index"],"rank_math_robots":["a:1:{i:0;s:5:\"index\";}"],"rank_math_analytic_object_id":["148"],"rank_math_internal_links_processed":["1"],"post_views_count":["809"],"amazonS3_cache":["a:32:{s:62:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP.png\";a:1:{s:9:\"timestamp\";i:1713809431;}s:63:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA.png\";a:1:{s:9:\"timestamp\";i:1713809431;}s:69:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes.png\";a:1:{s:9:\"timestamp\";i:1713809431;}s:62:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-Chart.png\";a:1:{s:9:\"timestamp\";i:1713809431;}s:70:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP-300x169.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:71:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP-1024x576.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:70:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP-768x432.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:71:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA-300x169.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:72:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA-1024x576.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:71:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA-768x432.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:77:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes-300x169.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:78:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes-1024x576.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:77:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes-768x432.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:70:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-Chart-300x169.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:71:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-Chart-1024x576.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:70:\"\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/Maruti-Chart-768x432.png\";a:1:{s:9:\"timestamp\";i:1713791706;}s:64:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:72:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP-300x169.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:73:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP-1024x576.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:72:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-5QRNP-768x432.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:65:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:73:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA-300x169.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:74:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA-1024x576.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:73:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-EBITDA-768x432.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:71:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:79:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes-300x169.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:80:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes-1024x576.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:79:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Unit-Volumes-768x432.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:64:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Chart.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:72:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Chart-300x169.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:73:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Chart-1024x576.png\";a:1:{s:9:\"timestamp\";i:1777464999;}s:72:\"\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/Maruti-Chart-768x432.png\";a:1:{s:9:\"timestamp\";i:1777464999;}}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest-blog.storage.googleapis.com\/blogs\/wp-content\/uploads\/2024\/10\/18181935\/portfolio-4-2.jpg","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/12956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=12956"}],"version-history":[{"count":2,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/12956\/revisions"}],"predecessor-version":[{"id":12963,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/12956\/revisions\/12963"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/26915"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=12956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=12956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=12956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}