Maruti Suzuki Q3 preview: Profit may climb up to 23%, revenue by 17% YoY

Maruti Suzuki Q3 preview: Automobile giant Maruti Suzuki will announce its Q3 results on Wednesday, January 29, 2025. Maruti Suzuki is expected to report a strong performance in Q3FY25, with analysts predicting up to 17.3 per cent Y-o-Y increase in revenue to Rs 39,068.3 crore. The growth, analysts believe, will be primarily driven by a 4 per cent rise in production of passenger vehicles (PVs) and premiumisation. 

 

Moreover, analysts forecast adjusted PAT to climb up to 23.4 per cent Y-o-Y. Overall, Maruti Suzuki's Q3 results are expected to reflect robust growth in the passenger vehicle segment.

 

On the bourses, at 12:45 PM, Maruti Suzuki share was trading 0.21 per cent lower at Rs 11,965.15 per share. In comparison, BSE Sensex was trading 1.01 per cent higher at 76,128 levels.

 

Given this, here’s what brokerages are expecting in Q3 from Maruti Suzuki:

 

Nuvama

 

Nuvama analysts believe that Maruti Suzuki’s revenue growth will be supported by strong volume growth and higher realisation on a Y-o-Y basis. However, they anticipate a contraction in Ebitda margin, primarily due to the higher discounts that the company has had to offer. 

 

They forecast revenue at Rs 38,721.4 crore, a 16 per cent increase Y-o-Y, with Ebitda at Rs 4,268.4 crore (up 9 per cent Y-o-Y) and PAT at Rs 3,508 crore (up 12 per cent Y-o-Y). The key focus, analysts believe, will be the demand outlook and the order bookings for Maruti’s new electric vehicles (EVs).

 

Anand Rathi 

 

Anand Rathi noted that the passenger vehicle (PV) segment has seen moderate growth in Q3. On the other hand, the medium and heavy commercial vehicle (M&H CV) segment remained muted due to a slow pick-up in infrastructure activities. However, Maruti is expected to see healthy revenue growth driven by a 4 per cent production increase in PVs and premiumisation, which boosts realisations. 

 

Therefore, analysts predict that Maruti will report revenue of Rs 39,068.3 crore (up 17.3 per cent Y-o-Y), adjusted PAT of Rs 3,687 crore (up 17.8 per cent Y-o-Y), and an Ebitda margin of 11.3 per cent.

 

Elara Capital 

 

Elara Capital has a more optimistic outlook for the auto sector, forecasting a 13 per cent Y-o-Y revenue growth across their coverage universe (excluding Tata Motors). They anticipate that Maruti Suzuki will report revenue of Rs 38,702.6 crore, up 16.2 per cent Y-o-Y, and Ebitda of Rs 4,373.4 crore, up 11.9 per cent Y-o-Y. Recurring PAT is expected to come in at Rs 3,863.6 crore, a 23.4 per cent YoY increase. 

 

Sharekhan  

Sharekhan analysts are forecasting a 14.2 per cent Y-o-Y revenue growth for Maruti Suzuki, with an expected revenue of Rs 38,038.5 crore. They predict an adjusted PAT of Rs 3,490 crore (up 11.5 per cent Y-o-Y) and an Ebitda margin of 12.1 per cent.