Maruti Suzuki India Ltd

About

The Company was established in 1981. A joint venture agreement was signed between the Government of India and Suzuki Motor
Corporation (SMC), Japan in 1982. The Company became a subsidiary of SMC in 2002.It is the market leader in passenger vehicle segment in India. In terms of production volume and sales, the Company is now SMC’s largest subsidiary. SMC currently holds 56.28% of its equity stake.
The principal activities of the Company are manufacturing, purchase and sale of motor vehicles, components and spare parts.

Key Points

Market share of major car manufacturers (%)[1]
Maruti Suzuki - 47.4
Hyundai - 17
Tata - 7.5
Kia - 7.3
Mahindra - 6.4
Renault - 3.6
Honda - 3.5
Toyota - 3.0

See full details
  • Market Cap 226,466 Cr.
  • Current Price 7,497
  • High / Low 8,400 / 6,301
  • Stock P/E 44.1
  • Book Value 1,738
  • Dividend Yield 0.60 %
  • ROCE 5.20 %
  • ROE 4.40 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 31.49%

Cons

  • Stock is trading at 4.31 times its book value
  • The company has delivered a poor sales growth of 4.09% over past five years.
  • Company has a low return on equity of 7.97% for last 3 years.
  • Earnings include an other income of Rs.2409.90 Cr.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
22,444 19,681 21,473 19,733 16,998 20,722 18,208 4,111 18,756 23,471 24,034 17,776
19,011 17,749 19,208 17,683 15,388 18,617 16,660 4,997 16,819 21,244 22,040 16,958
Operating Profit 3,433 1,932 2,265 2,050 1,610 2,105 1,548 -886 1,936 2,228 1,995 819
OPM % 15% 10% 11% 10% 9% 10% 8% -22% 10% 9% 8% 5%
Other Income 566 953 909 777 950 803 923 1,318 650 1,054 163 544
Interest 26 21 8 55 28 22 29 18 23 29 33 22
Depreciation 722 768 811 919 926 859 824 784 766 742 742 744
Profit before tax 3,251 2,096 2,355 1,853 1,605 2,026 1,619 -370 1,797 2,510 1,384 596
Tax % 30% 27% 22% 26% 13% 22% 18% 27% 21% 20% 10% 20%
Net Profit 2,280 1,524 1,830 1,376 1,391 1,587 1,322 -267 1,420 1,997 1,241 475
EPS in Rs 75.47 50.45 60.59 45.56 46.03 52.53 43.77 -8.84 46.99 66.10 41.09 15.72

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
29,592 37,156 36,090 44,304 44,542 50,801 57,589 68,085 79,809 86,068 75,660 70,372 84,038
26,197 33,526 33,807 39,944 39,232 43,909 48,565 57,664 67,692 75,012 68,305 64,961 77,060
Operating Profit 3,395 3,629 2,283 4,361 5,310 6,892 9,024 10,421 12,118 11,056 7,355 5,411 6,978
OPM % 11% 10% 6% 10% 12% 14% 16% 15% 15% 13% 10% 8% 8%
Other Income 1,151 566 1,086 797 724 817 1,464 2,399 2,155 2,664 3,410 3,046 2,410
Interest 37 29 62 198 184 218 82 89 346 76 134 102 107
Depreciation 841 1,031 1,162 1,890 2,116 2,515 2,822 2,604 2,760 3,021 3,528 3,034 2,994
Profit before tax 3,667 3,135 2,145 3,070 3,734 4,976 7,585 10,127 11,167 10,624 7,103 5,321 6,287
Tax % 31% 26% 24% 20% 24% 24% 28% 26% 29% 28% 20% 18%
Net Profit 2,625 2,382 1,681 2,469 2,853 3,807 5,497 7,510 7,880 7,649 5,676 4,389 5,132
EPS in Rs 90.85 82.46 58.19 81.74 94.44 126.04 181.98 248.61 260.86 253.21 187.90 145.30 169.90
Dividend Payout % 7% 9% 13% 10% 13% 20% 19% 30% 31% 32% 32% 31%
Compounded Sales Growth
10 Years:7%
5 Years:4%
3 Years:-4%
TTM:40%
Compounded Profit Growth
10 Years:0%
5 Years:-14%
3 Years:-30%
TTM:27%
Stock Price CAGR
10 Years:21%
5 Years:6%
3 Years:3%
1 Year:9%
Return on Equity
10 Years:12%
5 Years:11%
3 Years:8%
Last Year:4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
144 144 144 151 151 151 151 151 151 151 151 151
Reserves 12,038 14,164 15,530 18,877 21,345 24,167 30,465 36,924 42,408 46,941 49,262 52,350
Borrowings 906 454 1,421 1,569 2,004 666 231 484 121 160 184 541
3,795 4,344 6,004 6,920 7,975 9,492 11,879 14,402 17,568 16,717 14,031 18,241
Total Liabilities 16,884 19,106 23,099 27,517 31,476 34,477 42,726 51,960 60,248 63,969 63,628 71,283
5,171 5,672 7,746 10,022 11,034 12,490 12,530 13,311 13,389 15,437 15,744 14,989
CWIP 392 879 943 1,966 2,640 1,890 1,007 1,252 2,132 1,607 1,415 1,497
Investments 7,397 5,439 6,545 7,421 10,527 13,298 20,676 29,151 36,123 37,504 37,488 42,945
3,923 7,116 7,866 8,107 7,275 6,800 8,513 8,247 8,604 9,421 8,980 11,852
Total Assets 16,884 19,106 23,099 27,517 31,476 34,477 42,726 51,960 60,248 63,969 63,628 71,283

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
3,168 3,071 2,655 4,059 4,995 6,449 8,482 10,282 11,788 6,601 3,496 8,856
-5,068 -10 -3,181 -3,119 -4,997 -4,491 -7,230 -9,173 -8,302 -3,540 -557 -7,291
76 -691 610 -979 -74 -2,004 -1,237 -1,129 -3,436 -2,948 -3,104 -1,545
Net Cash Flow -1,824 2,369 84 -39 -76 -45 16 -20 50 113 -165 20

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 10 9 10 13 12 8 8 6 7 10 10 7
Inventory Days 20 18 24 21 20 28 30 25 21 20 22 22
Days Payable 38 34 44 47 57 57 70 65 70 59 51 73
Cash Conversion Cycle -8 -7 -11 -14 -25 -20 -32 -33 -42 -29 -20 -44
Working Capital Days 1 -7 -14 -7 -16 -23 -26 -33 -40 -29 -19 -44
ROCE % 31% 22% 12% 15% 16% 19% 23% 24% 24% 19% 9% 5%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
56.21 56.21 56.21 56.21 56.21 56.21 56.28 56.28 56.37 56.37 56.37 56.37
22.78 22.67 22.30 23.16 23.43 23.18 21.63 21.47 21.86 23.09 23.11 22.90
13.37 13.43 13.41 13.45 15.03 15.61 16.69 17.06 16.75 15.66 15.08 15.76
7.64 7.69 8.09 7.18 5.34 5.00 5.40 5.19 5.02 4.88 5.44 4.97

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