External broker reports(aggregated public sources), Sharekhan

Sharekhan

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Maruti’s EBITDA was better than estimates led by beat in margin.</li><li>Retail sales improved and grew 3.5% y-o-y in 9MFY25. Similar growth is expected in Q4.</li><li>Traction in exports, improvement in demand environment and launch of first EV will aid the growth of the company.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Maruti’s EBITDA was better than estimates led by beat in margin.Retail sales improved and grew 3.5% y-o-y in 9MFY25. Similar growth is expected in Q4.Traction in exports, improvement in demand environment and launch of first EV will aid the growth of the company.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maruti Suzuki India Ltd - Decent Q3; Maintain Buy