Maruti Suzuki m-cap crosses ₹4 lakh crore-mark as stock hits 3% upper circuit

Maruti Suzuki India Share Price Today: Shares of India's largest car manufacturer were locked at over three per cent upper circuit to hit a 52-week high mark of ₹12,724.95 apiece on the BSE earlier today as the firm's market capitalisation (Mcap) breached ₹4 lakh crore-mark in intra day trade.

On Wednesday, March 27, shares of Maruti Suzuki opened at ₹12,265.05 and gained 3.74 per cent to hit a 52-week high of ₹12,724.95 apiece on the BSE. Shares settled 2.16 per cent higher at ₹12,520.30 apiece on the BSE. During the day, the automaker's market valuation jumped to ₹4,00,075.70 crore mark. At the close of trade, the Mcap remained at ₹3,94,575.23 crore.

Also Read: Maruti Suzuki India Q3 FY24 Results Live: Profit Rises by 33.28% YoY

Maruti Suzuki India Q3 Results

Maruti Suzuki reported over 33 per cent jump in its consolidated net profit for the quarter ended December 2023 at ₹3,206.8 crore compared to ₹2,406.1 crore reported in the year-ago period. The automaker's revenue for the quarter came in at ₹33,512.8 crore compared to ₹29,251.1 crore in the year ago, registering a 14.5 per cent year -on year (YoY) growth. 

The operating income was down by 21.06 per cent sequentially but increased by 45.05 per cent YoY. The EPS for Q3 FY24 is ₹102, which increased by 33.28 per cent YoY. The sales volume for the said quarter stood at 501,207 compared to 465,911 which was a 7.6 per cent rise on an annual basis.

Religare overweight on Maruti Suzuki India; 24% upside seen at TP 

Domestic brokerage firm Religare Broking is overweight on the auto stock and sees a potential upside of 24.8 per cent at a target price of ₹12,715. Maruti continues to lead the passenger vehicle industry with a market share of 42.9 per cent in the domestic market and remains a leading player in exports from India with consistent rise in volumes, said Religare Broking.

Also Read: Maruti Suzuki eVX electric SUV spotted testing! What to expect

The carmaker's structural shift towards dedicated utility vehicle (UV) portfolio has garnered strong growth for the company on the revenue and realizations front. Given the slow pace of sales in the mid and compact category of vehicles, UVs will continue to drive the volume growth in the coming quarter while new launches as well as renewed models in the mid and compact segment could result in volume expansion further. 

‘’Factoring this, we estimate its revenue/EBITDA/PAT to grow at a CAGR of 15.1 per cent/25.5 per cent/25.7 per cent over FY23-26E. Hence, we remain overweight and maintain our Buy rating with a target price of ₹12,714 valuing the company at 25x on FY26E EPS,'' said Religare Broking.

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