Maruti Suzuki India (MARUTI) Q4 12/13 earnings summary

Executive summary

• FY13 revenue rose 21.9% to ₹444,003 million, PAT increased 46.3% to ₹23,921 million, and market share advanced to 39.1% from 38.3%.

• Results include Suzuki Powertrain India Limited from 1 April 2012; prior-year figures exclude it and are not comparable.

Financial highlights

• Net sales reached ₹426,126 million, up 22.8%; PBT was ₹29,910 million, up 39.4%, and PAT was ₹23,921 million, up 46.3%.

• EPS was ₹79.19 versus ₹56.60; proposed dividend was ₹8 per ₹5 equity share, totaling ₹2,417 million.

• Total vehicle sales rose 3.3% to 1,171,434 units; domestic sales increased 4% to 1,051,046, while exports declined to 120,388 from 127,379 units.

• Operating cash flow was ₹43,842 million; fixed-asset purchases were ₹38,549 million.

Outlook and guidance

• Capital investment planned for FY14 was approximately ₹3,500 crore; Gujarat production was expected by end-FY16, with Manesar’s third line and Gurgaon’s first diesel-engine phase progressing.

• Gurgaon diesel-engine capacity of 150,000 units annually in phase one was expected to come on stream around mid-FY14.

• FY14 outlook cited potential benefits from a softer yen; longer-term expansion rests on India’s growth potential, while demand and economic conditions remained uncertain.