Maruti Suzuki shares cross Rs 12,000 mark; CLSA expects carmaker to maintain top position in CNG space

In a recent report, brokerage firm CLSA highlighted that Maruti will maintain its top position in the CNG PV segment with a 72 percent share. The brokerage firm estimates the market share of CNG PVs to rise from 15 percent in FY2024 to 22 percent in FY2030.

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Shares of India’s largest carmaker Maruti Suzuki crossed the Rs 12,000 mark during mid-day trades on March 20. At 1:40 pm, the stock was trading at Rs 11,992.50, around 3.41 percent higher.

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In a recent report, brokerage firm CLSA highlighted that Maruti will maintain its top position in the CNG PV segment with a 72 percent share. With the rise in CNG passenger vehicles, stocks such as Maruti Suzuki and Tata Motors will benefit, the brokerage firm said. CLSA estimates the market share of CNG PVs to rise from 15 percent in FY2024 to 22 percent in FY2030. This growth, the brokerage said, could be attributed to lower running costs of CNG Vehicles.

The numbers

In Q3FY24, the company reported a net profit of Rs 3,130 crore, a 33 percent YoY increase from the previous fiscal. Revenue for the same period also increased 15 percent to Rs 33,309.7 crore from Rs 29,044.3 crore in the year-ago period. Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the same period increased 38 percent YoY to Rs 3,909 crore from Rs 2,833 crore in the previous fiscal.

The company sold a total of 4,65,911 vehicles during Q3, up 8.2 percent YoY. Sales in the domestic market were 4,03,929 units and exports were 61,982 units.

Also read: Maruti Suzuki drives bullish stock calls, analysts see better margins after robust Q3

Over the last six months, the stock has gained around 15 percent while the YTD rise is around 46 percent.

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