On April 27, Maruti Suzuki’s share price will remain focused after the company proclaimed robust numbers in the quarter ending March 2023.

Maruti Suzuki described a 43% rise in standalone net profit at Rs 2,623 crore for the quarter ended March 31, 2023.

However, the profit figure was below the Street estimate of Rs 2,773 crore.

Revenue from operations grew 20% YoY to Rs 32,048 crore for the March quarter. The annual income of the company exceeded Rs 1 lakh crore.

Prabhudas Lilladher remains positive on the firm’s growth prospects, including market share gains and ASP rise from filling white spaces in the UV portfolio, 220 bps upsurge (over FY23-25E) in EBITDA margins amid commodity cost softening, and higher UV share and finally the rural revival. It repeats the buy rating with a revised target price of Rs 10,300 at 26x Mar-25E EPS.

Motilal Oswal anticipates a market share and margins retrieval to gather impetus in FY24, led by supply improvement, a favourable product lifecycle, and operating leverage. It endures a buy rating with a target price of Rs 10,100 per share.

Morgan Stanley has reserved an overweight rating with a target price of Rs 11,155 per share. The FY24 EBIT margin of 8.1% was the highest in 18 quarters, expecting the company to grow the market in FY24.

Jefferies maintained a buy rating on Maruti Suzuki with a target price of Rs 11,000 per share. The Q4 volumes rose 5% YoY, while EBITDA and PAT grew 38% to 43%.

Bernstein kept outperforming the rating of Maruti Suzuki and a target price of Rs 10,800 per share. The Q4FY23 was beaten but not seen as a catalyst.