Buy Maruti Suzuki; target of Rs 8450: Motilal Oswal

Motilal Oswal is bullish on Maruti Suzuki recommended buy rating on the stock with a target price of Rs 8450 in its research report dated April 28, 2021.

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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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