{"id":135279,"date":"2022-10-31T09:18:08","date_gmt":"2022-10-31T13:18:08","guid":{"rendered":"https:\/\/44.250.171.167\/?p=135279"},"modified":"2022-10-31T09:25:19","modified_gmt":"2022-10-31T13:25:19","slug":"maruti-suzuki-india-limited-q2-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-q2-fy23-earnings-conference-call-insights\/","title":{"rendered":"Maruti Suzuki India Limited Q2 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Maruti Suzuki India Limited (<a href=\"https:\/\/44.250.171.167\/symbol\/MARUTI\/\">MARUTI<\/a>) Q2 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Management Update:<\/strong><\/p>\n<ul>\n<li>[00:05:21] MARUTI said that on the back of better availability of product components, it reported its highest ever sales volume in any quarter. However, in 2Q23, MARUTI also could not produce 35,000 vehicles due to limited visibility of product components.<\/li>\n<\/ul>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:10:11] Kumar Rakesh of BNP Paribas asked about the drivers of an increase in realization by about 2% sequentially in the context of volume mix in 2Q23. Ajay Seth CFO replied that realization increase is attributed to the mix. Also the proportion of Brezza and other higher vehicles were higher vs. 1Q23. And additionally, MARUTI had taken a price increase in 1Q23.<\/li>\n<\/ul>\n<ul>\n<li>[00:11:48] Kumar Rakesh from BNP Paribas enquired about the number for installed capacity for MARUTI. Ajay Seth CFO replied that as of now, MARUTI has about 22.5 lakh capacity at Haryana plus Gujarat. And in future, MARUTI is in process of working on Kharkhoda that will be up and running in 2025. Also, MARUTI might have to add about 1 lakh capacity on a short term basis in Manesar to meet intermediate demand.<\/li>\n<\/ul>\n<ul>\n<li>[00:13:20] Pramod Kumar with UBS asked about MARUTI\u2019s comments about future SUV launches to dominate the segment. Rahul Bharti ED replied that MARUTI can\u2019t give any products plans, but more interest in Grand Vitara gives some confidence for future.<\/li>\n<\/ul>\n<ul>\n<li>[00:16:11] Pramod Kumar with UBS enquired about the driver of other expenditure outpacing revenue growth sequentially. Ajay Seth CFO answered that sequentially royalty added up along with volume increase that impacted other expense of INR150 crores. Also there is increase in ad, marketing, manufacturing, and employee cost that contributed.<\/li>\n<\/ul>\n<ul>\n<li>[00:19:12] Amyn Pirani of J.P. Morgan asked about the number for discounts and royalty per vehicle in 2Q23. Rahul Bharti ED replied that discounts for 2Q23 were at INR13,840 per vehicle vs. INR12,748 in 1Q23, while it was INR18,500 in 2Q22. On royalties, the percentage was at 3.5% in 1Q22 and at 3.8% in 2Q23, with 1Q23 royalty between 3.6-3.7%.<\/li>\n<\/ul>\n<ul>\n<li>[00:20:21] Amyn Pirani of J.P. Morgan asked about the FY23 capex expectation and areas of spend. Rahul Bharti ED answered that MARUTI will spend upwards of INR7,000 crores in FY23, including the Kharkhoda facility, with R&amp;D and maintenance capex etc.<\/li>\n<\/ul>\n<ul>\n<li>[00:21:48] Raghunandhan from Emkay Global enquired about the remaining order book of 2.8 lakhs, which are the major models. Rahul Bharti ED replied that it\u2019s a mix, but Ertiga and Baleno has high wait list.<\/li>\n<\/ul>\n<ul>\n<li>[00:28:51] Jinesh Gandhi with Motilal Oswal asked if the company is seeing any material impact on CNG demand given the substantial price increases seen. Ajay Seth CFO answered that in the commercial vehicle there has been an impact. For MARUTI, CNG in 2Q23 was more than 20% penetration and the company is engaging with the govt. to reign in the prices.<\/li>\n<\/ul>\n<ul>\n<li>[00:33:41] Pramod Amthe of InCred Capital asked that in the CNG segment, what\u2019s the mix of fleet and personal for cars. Ajay Seth CFO replied that there\u2019s a fair amount of spread among all models.<\/li>\n<\/ul>\n<ul>\n<li>[00:38:21] \u00a0Kapil Singh from Nomura asked that given MARUTI\u2019s experience with strong hybrid and demand seen, if the company will add more models with strong hybrid option. Ajay Seth CFO answered that over a longer period of time that would be the intent.<\/li>\n<\/ul>\n<ul>\n<li>[00:39:16] Arvind Sharma of Citigroup enquired about the timeline of net capacity expansion in the new plant. Ajay Seth CFO said MARUTI is not planning to do any reduction in Gurgaon. In the shorter term, MARUTI might have to increase production in Gurgaon. \u00a0In Kharkhoda, the optimum size is about 2.5 lakhs per annum and first plant should be commissioned by 1Q25.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Maruti Suzuki India Limited (MARUTI) Q2 FY23 Earnings Concall Management Update: [00:05:21] MARUTI said that on the back of better availability of product components, it reported its highest ever sales volume in any quarter. However, in 2Q23, MARUTI also could not produce 35,000 vehicles due to limited visibility of product components. Q&amp;A [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"Maruti Suzuki India Limited Q2 FY23 Earnings Conference Call Insights #MARUTI #Q2 #FY23 #Earnings #Stocks ","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5753],"tags":[9506,10219],"class_list":["post-135279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-auto-parts","tag-automotive-manufacturing"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":131774,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":135279,"position":0},"title":"Maruti Suzuki India Limited Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"July 28, 2022","format":false,"excerpt":"Key highlights from Maruti Suzuki India Limited (MARUTI) Q1 FY23 Earnings Concall Management Update: MARUTI said sales in the domestic market were at 398,494 units and exports were at 69,437 units, the highest ever in any quarter. Q&A Highlights: Kapil Singh with Nomura asked how much cost inflation the company\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":139163,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-q3-fy23-earnings-conference-call-insights\/","url_meta":{"origin":135279,"position":1},"title":"Maruti Suzuki India Limited Q3 FY23 Earnings Conference Call Insights","author":"Praveen","date":"January 25, 2023","format":false,"excerpt":"Key highlights from Maruti Suzuki India Limited (MARUTI) Q3 FY23 Earnings Concall Management Update: [00:05:35] MARUTI said it achieved cumulative production of over 25 million units, making it the only Indian company to achieve the milestone in passenger vehicle production. [00:06:01] MARUTI also said that in 2022, it registered an\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":126722,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-q3-fy22-earnings-conference-call-insights\/","url_meta":{"origin":135279,"position":2},"title":"Maruti Suzuki India Limited Q3 FY22 Earnings Conference Call Insights","author":"Praveen","date":"January 26, 2022","format":false,"excerpt":"https:\/\/www.youtube.com\/watch?v=QCvf70twhXU Key highlights from Maruti Suzuki India Limited (MARUTI) Q3 FY22 Earnings Concall Management Update: MARUTI exported 205,450 vehicles in CY2021, the highest ever exports in any calendar year by the company. The company said about 90,000 vehicles could not be produced during 3Q22 due to the global shortage of\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":178134,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-reports-record-quarterly-sales-and-net-revenue-for-q3-fy-2025-26\/","url_meta":{"origin":135279,"position":3},"title":"Maruti Suzuki India Limited Reports Record Quarterly Sales and Net Revenue for Q3 FY 2025-26","author":"Staff Correspondent","date":"January 28, 2026","format":false,"excerpt":"Maruti Suzuki India Limited (NSE: MARUTI) achieved its highest-ever quarterly domestic sales and net revenue, driven by a sharp recovery in the small car segment following GST reforms. Total sales volume reached record levels for the nine-month period, though net profit was affected by one-time regulatory provisions. On January 28,\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":178137,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-reports-record-q3-net-sales-amid-volume-growth-and-regulatory-provisions\/","url_meta":{"origin":135279,"position":4},"title":"Maruti Suzuki India Limited Reports Record Q3 Net Sales Amid Volume Growth and Regulatory Provisions","author":"Staff Correspondent","date":"January 28, 2026","format":false,"excerpt":"Maruti Suzuki India Limited (NSE: MARUTI) achieved record quarterly net sales and volume growth in the third quarter of FY 2025-26, driven by a 20.9% surge in domestic sales. Despite higher revenues, profit margins were tempered by adverse commodity prices and a one-time regulatory provision related to new labour codes.\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":144362,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-q4-fy23-earnings-conference-call-insights\/","url_meta":{"origin":135279,"position":5},"title":"Maruti Suzuki India Limited Q4 FY23 Earnings Conference Call Insights","author":"Praveen","date":"April 27, 2023","format":false,"excerpt":"Key highlights from Maruti Suzuki India Limited (MARUTI) Q4 FY23 Earnings Concall Management Update: [00:02:00] MARUTI said the company recorded its highest ever annual sales volume, with the annual turnover surpassing INR1 lakh crores. [00:03:04] MARUTI increased its market share in the SUV segment with the launch of Brezza and\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/135279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=135279"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/135279\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125416"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=135279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=135279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=135279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}