{"id":139163,"date":"2023-01-25T04:03:20","date_gmt":"2023-01-25T09:03:20","guid":{"rendered":"https:\/\/44.250.171.167\/?p=139163"},"modified":"2023-01-25T04:03:21","modified_gmt":"2023-01-25T09:03:21","slug":"maruti-suzuki-india-limited-q3-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-q3-fy23-earnings-conference-call-insights\/","title":{"rendered":"Maruti Suzuki India Limited Q3 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>) Q3 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Management Update:<\/strong><\/p>\n<ul>\n<li>[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.<\/li>\n<\/ul>\n<ul>\n<li>[00:06:01] MARUTI also said that in 2022, it registered an export of over 2.6 lakh vehicles, its highest ever exports in a calendar year.<\/li>\n<\/ul>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:10:58] Kapil Singh of Nomura asked about GM improvement in terms of mix and commodity benefit. Ajay Seth CFO answered that sequentially there has been improvement in all areas, except that the sales promotion cost was higher. Mix had a positive impact as proportion of bigger cars have gone up.<\/li>\n<\/ul>\n<ul>\n<li>[00:11:09] Kapil Singh from Nomura also enquired if the company expects significant commodity benefits to come in. Ajay Seth CFO replied that commodity benefits is now stabilized and it comes with a quarter lag. In future, there won\u2019t be much impact as it has been mostly factored in.<\/li>\n<\/ul>\n<ul>\n<li>[00:13:05] Kapil Singh with Nomura asked about demand outlook in segments. Rahul Bharti ED said the demand scenario seems to be healthy. And on urban rural, rural continues to be strong at about 44-45%.<\/li>\n<\/ul>\n<ul>\n<li>[00:13:17] Kapil Singh of Nomura also asked about the order book for Jimny and Fronx. Rahul Bharti ED replied that MARUTI is happy with the booking but it\u2019s too early to give the numbers. The company believes that it will grow faster than the industry.<\/li>\n<\/ul>\n<ul>\n<li>[00:14:26] Pramod Kumar at UBS enquired about the avg. discounts for 3Q23, given that retails were higher than wholesale. Ajay Seth CFO answered that the avg. discount is at INR18,291, higher than 3Q22 of INR15,200 and 2Q23 discount of INR13,840.<\/li>\n<\/ul>\n<ul>\n<li>[00:15:21] Pramod Kumar from UBS asked about the penetration of CNG. Rahul Bharti ED replied that so far CNG penetration is fine, but MARUTI feels the prices are high due to which sales in the commercial vehicles have been impacted.<\/li>\n<\/ul>\n<ul>\n<li>[00:20:14] Raghunandhan NL of Emkay asked about ramp up of production, considering large order book and low stock. Rahul Bharti ED said that on production capability MARUTI has some headroom, but the bottleneck is semiconductors. Though the situation has improved there is still some uncertainty.<\/li>\n<\/ul>\n<ul>\n<li>[00:24:49] Gunjan Prithyani with Bank of America asked about the royalty rate and retails in 3Q23. Rahul Bharti ED answered that royalty was about 3.9% as the mix was slightly the newer models. Also, MARUTI retailed about 4.8 lakh units in the domestic market in 3Q.<\/li>\n<\/ul>\n<ul>\n<li>[00:25:51] Gunjan Prithyani with Bank of America asked about the timeline of market availability of Jimny and Fronx and positioning of Fronx in terms of market sizing. Rahul Bharti ED replied that timeline is early FY24. Fronx is a compact SUV and MARUTI is waiting for customer response on this.<\/li>\n<\/ul>\n<ul>\n<li>[00:30:33] Kumar Rakesh at BNP Paribas asked about taking SUV market leadership in FY24, if it\u2019s possible. Rahul Bharti ED said that hatches and SUVs are different story. MARUTI added that once the supply situation improves, it\u2019s confident of reclaiming the number one position in SUV segment also.<\/li>\n<\/ul>\n<ul>\n<li>[00:37:14] Pramod Amte from Incred Capital asked about strong hybrid, what type of waiting and supply chain challenges is MARUTI facing. Rahul Bharti ED answered that it\u2019s a new product with a new technology and the company believes, due to its less carbon emission, govt. to give some support as it gives to other technologies. In terms of bookings, MARUTI has about 23-25% penetration.<\/li>\n<\/ul>\n<ul>\n<li>[00:44:43] Vinay Kumar of Morgan Stanley asked about the company\u2019s total exposure on the Yen side. Ajay Seth CFO said that MARUTI\u2019s total exposure on Yen now is close to about 100 million Yen, both direct and indirect put together. So it\u2019s mostly Yen denominated exposure the company has.<\/li>\n<\/ul>\n<ul>\n<li>[00:45:27] Vinay Kumar of Morgan Stanley enquired about exports growth outlook for FY24. Rahul Bharti ED said that the traction from the market is giving good signals. The company feels it will be constrained by its supply.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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 export of over 2.6 lakh [&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 Q3 FY23 Earnings Conference Call Insights #MARUTI #Q3 #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":[9023,10169,9478],"class_list":["post-139163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-auto-manufacturers","tag-earnings","tag-industirals"],"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":135279,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":139163,"position":0},"title":"Maruti Suzuki India Limited Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"October 31, 2022","format":false,"excerpt":"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\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":131774,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":139163,"position":1},"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":126722,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-q3-fy22-earnings-conference-call-insights\/","url_meta":{"origin":139163,"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":144362,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-india-limited-q4-fy23-earnings-conference-call-insights\/","url_meta":{"origin":139163,"position":3},"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":[]},{"id":126667,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-q3-2022-earnings-key-financials-and-quarterly-highlights\/","url_meta":{"origin":139163,"position":4},"title":"Maruti Suzuki Q3 2022 Earnings: Key financials and quarterly highlights","author":"Nishad","date":"January 25, 2022","format":false,"excerpt":"Maruti Suzuki\u00a0(NSE: MARUTI)\u00a0reported its third-quarter earnings result today. The company had total revenue of \u20b923,518 crores, which was up by 6% year on year. The net profit for the quarter was recorded at \u20b91,042 crores down by 48% on a yearly basis. Maruti Suzuki's EBITDA margin stood at 6.7%, which\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/02\/Maruti-SuzukiQ322-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/02\/Maruti-SuzukiQ322-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/02\/Maruti-SuzukiQ322-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/02\/Maruti-SuzukiQ322-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/02\/Maruti-SuzukiQ322-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":125229,"url":"https:\/\/alphastreet.com\/india\/maruti-suzuki-q2-2022-earnings-key-financials-and-quarterly-highlights\/","url_meta":{"origin":139163,"position":5},"title":"Maruti Suzuki Q2 2022 Earnings: Key financials and quarterly highlights","author":"Nishadkishore","date":"October 27, 2021","format":false,"excerpt":"Maruti Suzuki (NSE: MARUTI) reported its second-quarter earnings result today. The company had total revenue of \u20b9210.5\u00a0billion with a growth of 9% year on year. The net profit for the quarter was recorded at \u20b95.1 billion or \u20b916.12 per share compared to \u20b915.3 billion or \u20b946.99 per share in the\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Maruti-SuzukiQ222-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Maruti-SuzukiQ222-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Maruti-SuzukiQ222-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Maruti-SuzukiQ222-2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Maruti-SuzukiQ222-2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/139163","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=139163"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/139163\/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=139163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=139163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=139163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}