Maruti has been fairly resilient to demonetisation as it posted 4 percent annual volume growth in December quarter. Its net profit may rise 74 percent to Rs 1776 crore in October-December from Rs 1019 crore in corresponding quarter last fiscal. During the period, revenue is likely to grow 10.3 percent at Rs 16638 crore against Rs 15081 crore year-on-year. In Q3 EBITDA is seen gaining 18.8 percent at Rs 2578 crore against Rs 2169.1 crore while operating profit margin may stand at 15.5 percent versus 14.3 percent YoY. Total volumes increased 4 percent to 3.87 lakh versus 3.74 lakh units (YoY). However volume growth moderated to 4 percent against 18 percen in Q2 due to mini and compact segment getting hit due to demonetisation. Realisations are expected to rise 6.3 percent at 4.28 lakh Rs/unit, increase led by higher exports and success of high priced models Brezza and Baleno.
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