Motilal Oswal has given Buy recommendation for Maruti Suzuki recommended buy rating on the stock with a target price of Rs 8450 in its research with a target price of Rs. 8450 in its research report issued on Apr 28, 2021

Motilal Oswal’s research report on Maruti Suzuki

MSIL’s 4QFY21 operating performance was impacted by higher commodity costs, partially offset by price hikes and lower discounts. Near-term challenges (of COVID-19 and commodity) notwithstanding, there are drivers in place for sustained volume and margin recovery from 2HFY22E. We lower our FY22E/FY23E EPS by 11%/3% to factor in some negative impact of the COVID-led lockdown on volumes as well as higher cost.

Outlook

Maintain Buy with a TP of INR8,450/share (27x Mar’23E consolidated EPS). The stock trades at 27.8x/21x FY22E/FY23E consolidated EPS. Maintain Buy with a TP of INR8,450/share (27x Mar’23E consolidated EPS).

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