A positive guidance by Maruti Suzuki India's management after better-than-expected earnings in the third quarter of financial year 2021-22 (Q3FY22) and a strong pipeline of new launches, coupled with easing commodity prices, have prompted brokerages to upgrade their earnings estimate and volume outlook for the company.
An expected improvement in the availability of semiconductors and robust demand outlook in the passenger vehicle (PV) market is also driving the upgrades. Maruti expects India's PV market to grow 7-8 percent, in line with the economic growth.
In a post earnings report, Nitin Mangat and Sagar Sahu, analysts from Jefferies India, wrote that they see "better times for the company ahead” given strong demand recovery, easing chip constraints, input cost pressures behind, and a product cycle likely around the corner. “MSIL's commentary was positive on all the above parameters," they wrote. The brokerage expects earnings per share (EPS) to treble to ₹409 over FY22-24. It's 19-30 percent above consensus.
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