Maruti Suzuki India Ltd
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.
- Market Cap ₹ 3,50,949 Cr.
- Current Price ₹ 11,167
- High / Low ₹ 13,680 / 9,738
- Stock P/E 25.0
- Book Value ₹ 2,835
- Dividend Yield 1.12 %
- ROCE 21.8 %
- ROE 16.8 %
- Face Value ₹ 5.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 36.7%
Cons
- Stock is trading at 3.94 times its book value
- Company has a low return on equity of 12.3% over 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.
Peer comparison
Sector: Automobile Industry: Automobiles - Passenger Cars
Part of BSE Sensex Nifty 50 BSE 500 BSE 100 BSE 200
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
44,304 | 44,542 | 50,801 | 57,589 | 68,085 | 79,809 | 86,068 | 75,660 | 70,372 | 88,330 | 118,410 | 141,858 | 145,213 | |
39,944 | 39,232 | 43,909 | 48,565 | 57,664 | 67,692 | 75,012 | 68,305 | 64,961 | 82,578 | 105,288 | 123,232 | 125,446 | |
Operating Profit | 4,361 | 5,310 | 6,892 | 9,024 | 10,421 | 12,118 | 11,056 | 7,355 | 5,411 | 5,752 | 13,122 | 18,626 | 19,766 |
OPM % | 10% | 12% | 14% | 16% | 15% | 15% | 13% | 10% | 8% | 7% | 11% | 13% | 14% |
797 | 724 | 817 | 1,464 | 2,399 | 2,155 | 2,664 | 3,410 | 3,046 | 1,861 | 2,415 | 4,248 | 5,002 | |
Interest | 198 | 184 | 218 | 82 | 89 | 346 | 76 | 134 | 102 | 127 | 252 | 194 | 212 |
Depreciation | 1,890 | 2,116 | 2,515 | 2,822 | 2,604 | 2,760 | 3,021 | 3,528 | 3,034 | 2,789 | 4,846 | 5,256 | 5,317 |
Profit before tax | 3,070 | 3,734 | 4,976 | 7,585 | 10,127 | 11,167 | 10,624 | 7,103 | 5,321 | 4,697 | 10,438 | 17,424 | 19,240 |
Tax % | 20% | 24% | 24% | 28% | 26% | 29% | 28% | 20% | 18% | 17% | 21% | 23% | |
2,470 | 2,854 | 3,809 | 5,497 | 7,511 | 7,881 | 7,651 | 5,678 | 4,389 | 3,880 | 8,264 | 13,488 | 14,021 | |
EPS in Rs | 81.74 | 94.44 | 126.04 | 181.98 | 248.61 | 260.86 | 253.21 | 187.90 | 145.30 | 128.43 | 273.56 | 429.01 | 445.97 |
Dividend Payout % | 10% | 13% | 20% | 19% | 30% | 31% | 32% | 32% | 31% | 47% | 34% | 29% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 11% |
3 Years: | 26% |
TTM: | 11% |
Compounded Profit Growth | |
---|---|
10 Years: | 18% |
5 Years: | 18% |
3 Years: | 45% |
TTM: | 23% |
Stock Price CAGR | |
---|---|
10 Years: | 13% |
5 Years: | 9% |
3 Years: | 14% |
1 Year: | 8% |
Return on Equity | |
---|---|
10 Years: | 13% |
5 Years: | 11% |
3 Years: | 12% |
Last Year: | 17% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 157 | 157 | 157 |
Reserves | 18,877 | 21,345 | 24,167 | 30,465 | 36,924 | 42,408 | 46,941 | 49,262 | 52,350 | 55,182 | 74,443 | 85,479 | 88,969 |
1,569 | 2,004 | 666 | 231 | 484 | 121 | 160 | 184 | 541 | 426 | 1,248 | 119 | 158 | |
6,920 | 7,975 | 9,492 | 11,879 | 14,402 | 17,568 | 16,717 | 14,031 | 18,335 | 18,896 | 24,258 | 29,550 | 32,412 | |
Total Liabilities | 27,517 | 31,476 | 34,477 | 42,726 | 51,960 | 60,248 | 63,969 | 63,628 | 71,376 | 74,656 | 100,106 | 115,304 | 121,696 |
10,022 | 11,034 | 12,490 | 12,530 | 13,311 | 13,389 | 15,437 | 15,744 | 14,989 | 13,747 | 27,941 | 27,865 | 29,337 | |
CWIP | 1,966 | 2,640 | 1,890 | 1,007 | 1,252 | 2,132 | 1,607 | 1,415 | 1,497 | 2,936 | 4,143 | 7,735 | 8,303 |
Investments | 7,421 | 10,527 | 13,298 | 20,676 | 29,151 | 36,123 | 37,504 | 37,488 | 42,945 | 42,035 | 49,184 | 57,296 | 57,820 |
8,107 | 7,275 | 6,800 | 8,513 | 8,247 | 8,604 | 9,421 | 8,980 | 11,946 | 15,937 | 18,837 | 22,408 | 26,237 | |
Total Assets | 27,517 | 31,476 | 34,477 | 42,726 | 51,960 | 60,248 | 63,969 | 63,628 | 71,376 | 74,656 | 100,106 | 115,304 | 121,696 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
4,059 | 4,995 | 6,449 | 8,482 | 10,282 | 11,788 | 6,601 | 3,496 | 8,856 | 1,840 | 10,815 | 16,801 | |
-3,119 | -4,997 | -4,491 | -7,230 | -9,173 | -8,302 | -3,540 | -557 | -7,291 | -239 | -8,820 | -11,865 | |
-979 | -74 | -2,004 | -1,237 | -1,129 | -3,436 | -2,948 | -3,104 | -1,545 | -1,607 | -1,214 | -4,062 | |
Net Cash Flow | -39 | -76 | -45 | 16 | -20 | 50 | 113 | -165 | 20 | -6 | 780 | 874 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 13 | 12 | 8 | 8 | 6 | 7 | 10 | 10 | 7 | 8 | 10 | 12 |
Inventory Days | 21 | 20 | 28 | 30 | 25 | 21 | 20 | 22 | 22 | 20 | 23 | 19 |
Days Payable | 47 | 57 | 57 | 70 | 65 | 70 | 59 | 51 | 73 | 54 | 58 | 62 |
Cash Conversion Cycle | -14 | -25 | -20 | -32 | -33 | -42 | -29 | -20 | -44 | -26 | -25 | -31 |
Working Capital Days | -7 | -18 | -26 | -27 | -33 | -40 | -29 | -19 | -47 | -29 | -27 | -26 |
ROCE % | 15% | 16% | 19% | 23% | 24% | 24% | 19% | 9% | 11% | 6% | 16% | 22% |
Documents
Announcements
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Advance Intimation Regarding Price Increase
6 Dec - Maruti Suzuki to increase car prices by up to 4%.
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Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
5 Dec - NCLAT adjourns hearing; next date is 7th February 2025.
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Maruti Suzuki Production Volume: November 2024
2 Dec - Maruti Suzuki announces production figures for November 2024.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
1 Dec - Maruti Suzuki reports total sales of 181,531 units in November 2024.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Nov
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Oct 2024TranscriptNotesPPT REC
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Jul 2024Transcript PPT
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Oct 2023Transcript PPT
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Market share of major car manufacturers (%)[1]
Maruti Suzuki - 45.0
Hyundai - 15
Tata - 13
Mahindra - 10
Kia - 7
Others: 13%