Maruti Suzuki India Ltd

₹ 9,343 -0.62%
23 Sep - close price
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

  • Market Cap 282,247 Cr.
  • Current Price 9,343
  • High / Low 9,451 / 6,537
  • Stock P/E 63.6
  • Book Value 1,832
  • Dividend Yield 0.64 %
  • ROCE 6.07 %
  • ROE 5.24 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 36.5%

Cons

  • Stock is trading at 5.10 times its book value
  • The company has delivered a poor sales growth of 5.34% over past five years.
  • Company has a low return on equity of 5.44% for last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
19,733 16,998 20,722 18,208 4,111 18,756 23,471 24,034 17,776 20,551 23,253 26,749 26,512
17,683 15,388 18,617 16,660 4,997 16,819 21,244 22,040 16,958 19,694 21,691 24,320 24,597
Operating Profit 2,050 1,610 2,105 1,548 -886 1,936 2,228 1,995 819 857 1,562 2,429 1,915
OPM % 10% 9% 10% 8% -22% 10% 9% 8% 5% 4% 7% 9% 7%
777 950 803 923 1,318 650 1,054 163 544 532 355 514 112
Interest 55 28 22 29 18 23 29 33 22 23 25 56 28
Depreciation 919 926 859 824 784 766 742 742 744 757 641 648 652
Profit before tax 1,853 1,605 2,026 1,619 -370 1,797 2,510 1,384 596 610 1,252 2,239 1,347
Tax % 26% 13% 22% 18% 27% 21% 20% 10% 20% 20% 17% 16% 23%
Net Profit 1,377 1,391 1,587 1,322 -268 1,420 1,997 1,241 475 487 1,042 1,876 1,036
EPS in Rs 45.56 46.03 52.53 43.77 -8.84 46.99 66.10 41.09 15.72 16.12 34.49 62.10 34.30
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
37,156 36,090 44,304 44,542 50,801 57,589 68,085 79,809 86,068 75,660 70,372 88,330 97,065
33,526 33,807 39,944 39,232 43,909 48,565 57,664 67,692 75,012 68,305 64,961 82,578 90,302
Operating Profit 3,629 2,283 4,361 5,310 6,892 9,024 10,421 12,118 11,056 7,355 5,411 5,752 6,763
OPM % 10% 6% 10% 12% 14% 16% 15% 15% 13% 10% 8% 7% 7%
566 1,086 797 724 817 1,464 2,399 2,155 2,664 3,410 3,046 1,861 1,514
Interest 29 62 198 184 218 82 89 346 76 134 102 127 132
Depreciation 1,031 1,162 1,890 2,116 2,515 2,822 2,604 2,760 3,021 3,528 3,034 2,789 2,697
Profit before tax 3,135 2,145 3,070 3,734 4,976 7,585 10,127 11,167 10,624 7,103 5,321 4,697 5,448
Tax % 26% 24% 20% 24% 24% 28% 26% 29% 28% 20% 18% 17%
Net Profit 2,382 1,681 2,470 2,854 3,809 5,497 7,511 7,881 7,651 5,678 4,389 3,880 4,441
EPS in Rs 82.46 58.19 81.74 94.44 126.04 181.98 248.61 260.86 253.21 187.90 145.30 128.43 147.01
Dividend Payout % 9% 13% 10% 13% 20% 19% 30% 31% 32% 32% 31% 47%
Compounded Sales Growth
10 Years: 9%
5 Years: 5%
3 Years: 1%
TTM: 16%
Compounded Profit Growth
10 Years: 7%
5 Years: -14%
3 Years: -22%
TTM: -13%
Stock Price CAGR
10 Years: 21%
5 Years: 4%
3 Years: 11%
1 Year: 34%
Return on Equity
10 Years: 11%
5 Years: 9%
3 Years: 5%
Last Year: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
144 144 151 151 151 151 151 151 151 151 151 151
Reserves 14,164 15,530 18,877 21,345 24,167 30,465 36,924 42,408 46,941 49,262 52,350 55,182
454 1,421 1,569 2,004 666 231 484 121 160 184 541 426
4,344 6,004 6,920 7,975 9,492 11,879 14,402 17,568 16,717 14,031 18,335 18,896
Total Liabilities 19,106 23,099 27,517 31,476 34,477 42,726 51,960 60,248 63,969 63,628 71,376 74,656
5,672 7,746 10,022 11,034 12,490 12,530 13,311 13,389 15,437 15,744 14,989 13,747
CWIP 879 943 1,966 2,640 1,890 1,007 1,252 2,132 1,607 1,415 1,497 2,936
Investments 5,439 6,545 7,421 10,527 13,298 20,676 29,151 36,123 37,504 37,488 42,945 42,035
7,116 7,866 8,107 7,275 6,800 8,513 8,247 8,604 9,421 8,980 11,946 15,937
Total Assets 19,106 23,099 27,517 31,476 34,477 42,726 51,960 60,248 63,969 63,628 71,376 74,656

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
3,071 2,655 4,059 4,995 6,449 8,482 10,282 11,788 6,601 3,496 8,856 1,840
-10 -3,181 -3,119 -4,997 -4,491 -7,230 -9,173 -8,302 -3,540 -557 -7,291 -239
-691 610 -979 -74 -2,004 -1,237 -1,129 -3,436 -2,948 -3,104 -1,545 -1,607
Net Cash Flow 2,369 84 -39 -76 -45 16 -20 50 113 -165 20 -6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 9 10 13 12 8 8 6 7 10 10 7 8
Inventory Days 18 24 21 20 28 30 25 21 20 22 22 20
Days Payable 34 44 47 57 57 70 65 70 59 51 73 54
Cash Conversion Cycle -7 -11 -14 -25 -20 -32 -33 -42 -29 -20 -44 -26
Working Capital Days -8 -16 -7 -18 -26 -27 -33 -40 -29 -19 -47 -29
ROCE % 22% 12% 15% 16% 19% 23% 24% 24% 19% 9% 5% 6%

Shareholding Pattern

Numbers in percentages

12 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
56.21 56.21 56.28 56.28 56.37 56.37 56.37 56.37 56.37 56.37 56.37 56.37
23.43 23.18 21.63 21.47 21.86 23.09 23.11 22.90 22.52 23.60 22.57 21.89
15.03 15.61 16.69 17.06 16.75 15.66 15.08 15.76 15.98 15.29 16.25 18.01
5.34 5.00 5.40 5.19 5.02 4.88 5.44 4.97 5.13 4.74 4.81 3.73

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