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Analysts are expressing caution regarding SBI Cards, while Nomura has raised the target price for Bharti Airtel. In the automotive sector, Maruti Suzuki faces challenges with weak demand and high discounting, leading to neutral and hold calls from Nomura and HSBC, respectively. Both firms anticipate a tough Q3 but expect normalization in FY26 with potential upside from new product launches.
Maruti Suzuki has announced the launch of its first electric vehicle, set for January 2025, designed on a dedicated EV platform rather than a modified ICE model. The vehicle will feature a 60-kilowatt-hour battery and target advanced markets like Europe and Japan, with manufacturing based in India. The Bharat Mobility Show in January will showcase this innovative EV, with further market launches planned soon.
Maruti Suzuki India Ltd. reported a 17% decline in net income to 30.7 billion rupees ($365 million) for the quarter ending September 30, falling short of Bloomberg's average analyst estimate of 37.1 billion rupees. The drop reflects sluggish consumer demand for cars in the world's most populous nation, leading to a decline in shares.
Maruti Suzuki India Ltd reported an 18% decline in Q2 FY25 net profit, falling to Rs 3,103 crore, significantly missing analysts' expectations of Rs 3,791 crore. Following the earnings report, the stock dropped 6%, marking its steepest decline in nearly two years, trading at Rs 10,800 on NSE. Revenue from operations rose slightly by 0.3% year-on-year to Rs 37,449 crore, surpassing estimates, but the profit was impacted by a deferred tax liability of Rs 1,018 crore due to regulatory changes.
The Q2 earnings season is in full swing, with major companies like TCS, HCL Technologies, and Infosys having reported their results. Today, firms including Maruti Suzuki, Adani Enterprises, and Cipla are set to announce their earnings. Notably, Honeywell Automation and Godrej Agrovet reported profit declines of 5.6% and 7.8%, respectively.
Maruti Suzuki, Cipla, and the Adani Group are among 139 companies releasing their Q2FY25 earnings today, with Cipla expected to see a modest profit rise and Maruti facing challenges from declining volumes. Bharti Airtel reported a significant 168% Y-o-Y profit increase, while Sun Pharma's net profit grew by 28%. Indian equity indices opened slightly lower after a positive previous session.
Maruti Suzuki is set to announce its Q2 earnings for FY25 on October 29, with expectations of a modest 0.5% year-on-year revenue increase to Rs 37,128 crore. Net profit is projected to remain flat at Rs 3,791 crore, reflecting concerns over declining volumes and demand. The stock has dropped over 9% in the past six months, and analysts predict that any earnings surprises could significantly impact its price.
Hyundai Motor India is viewed as slightly better positioned than Maruti Suzuki, primarily due to its higher SUV sales benefiting from the premiumisation trend, according to Vivek Goel, Joint MD at Tailwind Financial Services. He notes that while current valuations for both companies are similar, the overall auto sector may experience slow growth in passenger vehicles, with better prospects in the two-wheeler market. Goel maintains a defensive investment strategy, favoring sectors like pharma, IT, consumption, and banking amid weak market conditions.
The Nifty 50 index has declined approximately 7 percent over the past month, driven by foreign portfolio investor selling and lackluster corporate earnings in India. In the upcoming week, shortened by the Diwali festival, key companies such as Bharti Airtel, Maruti Suzuki, and Sun Pharma will report their earnings for the September 2024 quarter.
Hyundai's Indian subsidiary debuted on the stock market with a 7% drop, now 5% below its IPO price, despite raising $3.3 billion by offloading a 17.5% stake. Analysts cite concerns over the capital's use, higher royalty fees, and minimal upside pricing, while some see long-term growth potential in India's evolving automotive market.
Maruti Suzuki India Limited
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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