Maruti Suzuki India Limited
NSE Symbol MARUTI
MARUTI SUZUKI has declared results for q3 fy 2011.
The Company achieved Net Sales (net of excise) of Rs 92,767 million during the third quarter of 2010-11, a growth of 26.5 per cent over the same period last year (October-December 2009).
The Net sales in Quarter 2 (July-September 2010) was Rs 89,371 million.
Net Profit during the quarter stood at Rs 5,652 million. In Q3 last fiscal (2009-10), the Net Profit was Rs 6,875 million. Net Profit in second quarter of the current fiscal (July-September 2010) was Rs 5,982 million.
Basic EPS in the Q3 is Rs.19.56 ( on a Face Value of Rs.5) against Rs.20.71 in Q2 FY11 and Rs.23.8 in Q3 FY 2010.
The third quarter this year compared to the same period last year was marked by pressure on margins primarily due to adverse foreign exchange movement and higher royalty payout. Increase in commodity costs during the quarter also impacted the margins.
“In the quarter, the royalty payment was Rs 460 crore,” the company said, adding it was at about 5.5 per cent of sales.
During the quarter, the company also incurred a one-time cost of Rs 51 crore on employee payment. Overall, Maruti’s employee costs soared 75.50 per cent to Rs 232.45 crore from Rs 132.45 crore. It has a total of 9,032 employees.
The company’s average discount during the quarter was at Rs 10,700 per vehicle, which was Rs 1,000 higher than the previous quarter, the company said.
Unit Sales
In the October-December 2010 quarter, Maruti Suzuki's domestic sales volume grew by 36.8 per cent to 299,527 units, led by Alto, Wagon R and Swift. The Company registered its highest-ever sales in the domestic market with 107,555 units in October 2010. In November 2010, the domestic sales touched 102,503 crossing the 1 lakh milestone for the second time in the quarter.
During the quarter, all models continued to achieve good sales numbers. The Company's volume in the domestic A2 segment grew by 35.3 per cent, while in the A3 segment, sales volume grew by 26.4 per cent, compared to sales in October-December 2009. The Company's sales in the C segment, comprising Omni and Eeco, grew a robust 78.5 per cent.
At the end of the Quarter, sales network stood at 889 outlets, covering 631 cities (end Mar'10: 802 outlets, 555 cities). Service network stood at 2,879 workshops, covering 1,373 cities. (end Mar'10: 2,740 workshops, 1,335 cities).
The current MP is around Rs.1234. Annualising the EPS, the AEPS will be around Rs.80. The PE Ratio is around 15.4. Maruti’s expansion programs hold the key for future enhanced profitability. In the mean time, whether the company will pass on the additional costs through price increases is to be seen.
Results table :
| MARUTI SUZUKI | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
| Net Sales | 932613 | 897737 | 809039 | 828082 | 737265 |
| Other Operating Income | 16832 | 16990 | 14114 | 14373 | 13020 |
| Increase/decrease in stock in trade and work in progress | 14975 | -14821 | 5494 | 1285 | -13115 |
| Consumption of Raw Materials | 695903 | 693888 | 607972 | 612764 | 549186 |
| Purchase of Traded Goods | 33672 | 28496 | 27557 | 27221 | 22941 |
| Employees Cost | 23245 | 15682 | 16096 | 15336 | 13245 |
| Depreciation | 23694 | 23819 | 24170 | 22304 | 20278 |
| Other Expenditure | 91471 | 95450 | 86783 | 74742 | 64637 |
| Total Expenditure | 882960 | 842514 | 768072 | 753652 | 657172 |
| Profit from Operations | 66485 | 72213 | 55081 | 88803 | 93113 |
| Other Income5 | 12827 | 13397 | 10020 | 7897 | 9125 |
| Interest6 | 36 | 972 | 798 | 1285 | 837 |
| Profit before tax | 79276 | 84638 | 64303 | 95415 | 101401 |
| Tax expense | 22759 | 24814 | 17767 | 29760 | 32648 |
| Net Profit | 56517 | 59824 | 46536 | 65655 | 68753 |
| Dividend (%) | - | - | - | 120 | - |
| Face Value (In Rs | 5 | 5 | 5 | 5 | 5 |
| Basic EPS | 19.56 | 20.71 | 16.11 | 22.73 | 23.8 |
| Public Shareholding (%) | 45.79 | 45.79 | 45.79 | 45.79 | 45.79 |
29-01-2011 Maruti Suzuki India Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 927673 lacs for quarter ending on 31-DEC-2010 against Rs. 737265 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 56517 lacs for the quarter ending on 31-DEC-2010 against Rs. 68753 lacs for the quarter ending on 31-DEC-2009.
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