Monday, January 23, 2012

Maruti Suzuki India Limited - QTRLY RESULTS - Q3 FY 2012 - Q/E DEC,2011 -NET SALES DOWN 17.24%; NET PROFITS DOWN 63.62% YoY


Maruti Suzuki India Limited
NSE Symbol        MARUTI

MARUTI SUZUKI INDIA LTD  has declared dismal results – as expected.  But, the extent of down fall in terms of Net Profits is more than expected.

Maruti has blamed the sluggish sales on Higher fuel prices and Interest rates.

Net Sales at Rs.7717.87 cr in Q3 FY 12 is higher by 1.88% from Q2 FY 12 but lower by -17.24% fromQ3 FY 11.

Total Expenditure        is Rs.7764.12 cr – up by 2.11% from Q2 FY 12 and lower by -12.07 from Q3 FY 11.

Profit from Operations stands at Rs.118.28 cr – a heavy fall of -48.08% from previous qtr and   -82.21% from corresponding Qtr.

Profit before tax  stands at Rs.261.30 cr – down by  -21.92% from Q2 FY 12; and down by         -67.04% from Q3 FY 11.

Tax expense at Rs.55.68 cr is down by  -40.89% from Q2 FY 12 and down by  -75.53% from Q3 FY 11.

Net Profit stands at Rs. 205.62 cr – down by -14.48% from Q2 FY 12 and down by -63.62% from Q3 FY 11.

On a face value of Rs.5, Basic EPS stands at Rs.7.12 in Q3 FY 12; Rs. 8.32 in Q2 FY 12 and Rs.19.01 in Q1 FY 12.

The question is – will the 4th quarter be Better? 

Fuel Prices will not come down – but can be expected to go up. Interest Rates will depend on RBI? There is are great expectations from RBI that it will now address Growth concerns by significantly reducing Interest Rates. The initiative displayed in pushing up Interest Rates 13 times in a year – is not evident in reducing the same now. Unfortunately, in India, Inflation is not much dependent on RBI’s Interest Rates – but Growth in several sectors is dependent on them.

Inflation is moving up and down, based on its own momentum and factors other than Interest Rates. But, interest rates do directly correlate with growth and Production in several sectors like Auto and Housing – and demand in these areas is falling due to High Interest Rates, as Maruti also has acknowledged.

Current MP of Maruti Share of FV Rs.5  is Rs.1169.90 while the 52 week high price  is Rs.1341.60 and the 52 week low price  is Rs.900.

Assuming the current trend to continue in Q4, the annual EPS will be at Rs.41.57. The PE Ratio will be 28.15. If the Industrial relations at Maruti improve and RBI relents from its tough stand on Inflation – Maruti’s fortunes may improve in Q4.

RESULTS TABLE

Maruti Suzuki
31-Dec-11
30-Sep-11
%dif1
30-Jun-11
31-Dec-10
%dif2
Net Sales
771787
757541
1.88
836147
932613
-17.24
Other Operating Income
16453
25621
-35.78
16783
16832
-2.25
Increase in SIT/WIP
-11853
9549
-224.13
-15272
14975
-179.15
Raw Materials
599531
564965
6.12
650235
695903
-13.85
Traded Goods
36648
41141
-10.92
34210
33672
8.84
Employees Cost
20902
19946
4.79
17935
23245
-10.08
Depreciation
29893
26637
12.22
24247
23694
26.16
Other Expenditure
101291
98142
3.21
84382
91471
10.74
Total Expenditure
776412
760380
2.11
795737
882960
-12.07
Profit from OperationS
11828
22782
-48.08
57193
66485
-82.21
Other Income
16037
11774
36.21
18007
12827
25.03
Interest
1735
1092
58.88
575
36
4719.44
Profit before tax
26130
33464
-21.92
74625
79276
-67.04
Tax expense
5568
9420
-40.89
19702
22759
-75.53
Net Profit
20562
24044
-14.48
54923
56517
-63.62
Face Value (In Rs
5
5
0
5
5
0
Paid Up Equity
14446
14446
0
14446
14446
0
Basic EPS
7.12
8.32
-14.42
19.01
19.56
-63.6
Public Shareholding (%)
45.79
45.79
0
45.79
45.79
0


OTHER DETAILS
Q3: Oct-Dec (2011-12 Vs 2010-11)

Ø  The Company registered Net Sales (net of excise) of Rs. 76,636 Million, a decline of 17.4 per cent over same period in the previous year.
Ø  Net Profit during the quarter stood at Rs 2,056 Million, a fall of 63.6 per cent.
Ø  During the Quarter, the Company sold 211, 803 units in the domestic market as compared to 299, 527 units same period previous year.. In exports, the Company sold 27, 725 units against 31,160 units in the previous year.
Ø  Unit sales in the Quarter were impacted by sluggish market conditions caused by higher fuel prices and interest rates. Additionally, the Company lost around 40,000 units in production due to the industrial relations problem at Manesar.
Ø  The depreciation of the Rupee during the Quarter adversely impacted the bottom-line through higher cost of imports for the Company and its vendors and royalty.

9 Months: Apr-Dec (2011-12 Vs 2010-11)

Ø  The Company registered Net Sales (net of excise) of Rs. 235, 210 Million, a decline of 10.4 per cent over same period in the previous year.
Ø  Net Profit during the period stood at Rs 9.953 Million, a fall of 38.9 per cent.
Ø  During this period, the company sold 684,892 units in the domestic market as compared to 820,350 units during same period in last year. In exports, the Company sold 88, 469 units.

Maruti Suzuki Sales in December 2011

Maruti Suzuki India Limited sold a total of 92,161 vehicles in December, 2011. This includes 14,686 units for export. The company had sold a total of 99,225 in December 2010.

The company was closed for its bi-annual maintenance shutdown for 6 days during December 2010, from 26th December 2011 to 31st December 2011.

The sales figures for December 2011 are given below:
Category : Sub-Segment
Models
December
Till December
April '10 - March '11
2011
2010
% Chng
2011-12
2010-11
% Change
Passenger Vehicles
 Mini
M800, Alto, A-Star, WagonR
38593
45733
-15.6%
337423
407620
-17.2%
573238
Compact
Swift, Estilo, Ritz
20653
20557
0.5 %
154186
196885
-21.7%
261799
Super Compact
Dzire
9189
8601
6.8%
69976
78416
-10.8 %
107955
Mid-Size
SX4
843
761
10.8%
12505
14002
-10.7%
23317
Executive
Kizashi*
51
---
---
387
---
---
138
Total A: Passenger Vehicles
69329
75652
-8.4%
574477
696923
-17.6%
966447
B: Utility Vehicles
Gypsy, Grand Vitara
238
270
-11.9%
4534
4698
-3.5%
5666
C: Vans
Omni, Eeco
7908
13547
-41.6%
105881
118729
-10.8%
160626
Total Domestic Sales
77475
89469
-13.4%
684892
820350
-16.5%
1132739
Total Export Sales
14686
9756
50.5%
88469
107315
-17.6%
138266
Total Sales (Domestic + Export)
92161
99225
-7.1%
773361
927665
-16.6%
1271005
* Kizashi was launched in February 2011.

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