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Presentation on
Maruti Suzuki India Limited
         Presented By:-
COMPANY INTRODUCTION

• Maruti Udyog Limited (MUL) was established in Feb 1981.

• A license and a Joint Venture agreement were signed with
  the Suzuki Motor Company.

• First Indian automobile company to join the million clubs
  Invests Rs 1,700 Crore in new facility to expand capacity by
  2.5 lakh units.

•    Maruti has a network of 1000 sales outlets across 668
    cities.

• Out of 5 top selling cars, 4 are from Maruti.

• Credit Rating :- AAA
Business

• Compact Segment.

• Sedan Segment.

• Luxury Segment.

• SUV Segment.
Management
Chairman                        Mr. R. C. Bhargava
Managing Director & CEO         Mr. Shinzo Nakanishi
Director & Managing Executive   Mr. Tsuneo Ohashi
Officer (Production)
Director & Managing Executive   Mr. Shuji Oishi
Officer (Marketing & Sales)
Director                        Mr. Osamu Suzuki
Chief General Manager           Mr. S. Ravi Aiyar
(Legal) and Company
Secretary
Shareholding Pattern
Sector Analysis

• Impact of raising finance cost.

• Sales of PV cars have grown at a CAGR of 8.8%,
  which is less than previous year.

• In July car sales dropped by 9%.

• Decrease in quarter ended sales.
Growth Drivers

• Increase in income level.

• Change in mindset.

• Infrastructure development

• India’s Population.

• Automotive hub.
Concerns
• Rising interest rates.

• Rising fuel prices.

• Raising prices of raw material.

• Threat of new entrant.

• Labour unrest.
Company Analysis

• Maruti is the highest volume car manufacturer in
  Asia, outside Japan and Korea.

• Car industry grew by 29% in the year 10-11.

• Quarterly sale has been declined.

• Increase in sales from 1.02 millions to 1.27 million.
Market Share
Financials
Profit & Loss account
Particulars            2011        2010        2009
Net Sales          36,286.50   29,317.70   20,729.40
Other Income        1,222.70     662.00      491.70
Total Income       37,582.40   30,180.60   20,864.50
Total Expenses     33,435.70   25,694.00   18,396.20

Operating Profit    2,924.00    3,824.60    1,976.60

Interest              24.40       33.50       51.00
Depreciation        1,013.50     825.00      706.50
Profit Before
                    3,108.80    3,628.10    1,710.80
Tax
Balance Sheet
Particulars             2011        2010        2009
Equity Share
                      144.50      144.50      144.50
Capital
Reserves            13,723.00   11,690.60    9,200.40

Secured Loans          31.20       26.50         0.10

Unsecured
                      278.10      794.90      698.80
Loans
Net Block            5,529.40    5,024.70    4,070.80
Net Current
                     2,112.10      67.60     1,938.40
Assets
Total Assets /
                    14,176.80   12,656.50   10,043.80
Liabilities
Current Ratio
1.6
                   1.51                   1.5
1.4
1.2
 1
         0.91                 0.91
0.8
                                                Current Ratio
0.6
0.4
0.2
 0
      2008      2009       2010        2011
Debt Equity Ratio
0.12
          0.11
 0.1

0.08
                    0.07        0.07
0.06
                                                   Debt Equity Ratio
0.04

0.02                                        0.02

  0
       2008      2009        2010      2011
Ratios Analysis
Particulars           2011     2010    2009
Quick Ratio            1.16     0.68    1.26

Interest Cover       128.41   105.39   34.21

Inventory Turnover
                      28.69    30.47   30.46
Ratio
Return On Net
                      16.50    21.10   13.04
Worth(%)
Operating Profit
                       8.05    12.74    9.18
Margin(%)

Net Profit
                       6.10     8.34    5.72
Margin(%)
8                                         7.5
7
                                    6
6
            5
5   4.5
4                      3.5
3
2
1
0
    2007   2008        2009        2010   2011
                  Dividend Trend
Performance Chart
Index Comparison
VALUATION

                             Mahindra &
             Maruti Suzuki
                             Mahindra

LTP          1104.95         812.60

Change (%)   2.82            2.93


             1,599.90 /
52 W H/L                     826.40 / 585.10
             1,045.00
Particulars       2011
P/E               13.11
Price/Book         2.24
Industry P/E      15.92
Market Cap     31104.06
Div Yield(%)       0.70
EPS               79.22
CEPS             114.29
Calculation of Target Price

                    D1              TV
         P0 =                   +
                    1+ r            1+ r


                       5.3           TV      2011   7.5
       1104.95 =                +
                      1+0.13        1+0.13
                                             2010   3.5

         TV     =   Rs.1243.2                2009   3.5
                    9

                                             2008   5


                                             2007   4.5
Recommendation

• Fundamental point of view.
Maruti analysis

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Maruti analysis

  • 1. Presentation on Maruti Suzuki India Limited Presented By:-
  • 2. COMPANY INTRODUCTION • Maruti Udyog Limited (MUL) was established in Feb 1981. • A license and a Joint Venture agreement were signed with the Suzuki Motor Company. • First Indian automobile company to join the million clubs Invests Rs 1,700 Crore in new facility to expand capacity by 2.5 lakh units. • Maruti has a network of 1000 sales outlets across 668 cities. • Out of 5 top selling cars, 4 are from Maruti. • Credit Rating :- AAA
  • 3. Business • Compact Segment. • Sedan Segment. • Luxury Segment. • SUV Segment.
  • 4. Management Chairman Mr. R. C. Bhargava Managing Director & CEO Mr. Shinzo Nakanishi Director & Managing Executive Mr. Tsuneo Ohashi Officer (Production) Director & Managing Executive Mr. Shuji Oishi Officer (Marketing & Sales) Director Mr. Osamu Suzuki Chief General Manager Mr. S. Ravi Aiyar (Legal) and Company Secretary
  • 6. Sector Analysis • Impact of raising finance cost. • Sales of PV cars have grown at a CAGR of 8.8%, which is less than previous year. • In July car sales dropped by 9%. • Decrease in quarter ended sales.
  • 7. Growth Drivers • Increase in income level. • Change in mindset. • Infrastructure development • India’s Population. • Automotive hub.
  • 8. Concerns • Rising interest rates. • Rising fuel prices. • Raising prices of raw material. • Threat of new entrant. • Labour unrest.
  • 9. Company Analysis • Maruti is the highest volume car manufacturer in Asia, outside Japan and Korea. • Car industry grew by 29% in the year 10-11. • Quarterly sale has been declined. • Increase in sales from 1.02 millions to 1.27 million.
  • 12. Profit & Loss account Particulars 2011 2010 2009 Net Sales 36,286.50 29,317.70 20,729.40 Other Income 1,222.70 662.00 491.70 Total Income 37,582.40 30,180.60 20,864.50 Total Expenses 33,435.70 25,694.00 18,396.20 Operating Profit 2,924.00 3,824.60 1,976.60 Interest 24.40 33.50 51.00 Depreciation 1,013.50 825.00 706.50 Profit Before 3,108.80 3,628.10 1,710.80 Tax
  • 13.
  • 14. Balance Sheet Particulars 2011 2010 2009 Equity Share 144.50 144.50 144.50 Capital Reserves 13,723.00 11,690.60 9,200.40 Secured Loans 31.20 26.50 0.10 Unsecured 278.10 794.90 698.80 Loans Net Block 5,529.40 5,024.70 4,070.80 Net Current 2,112.10 67.60 1,938.40 Assets Total Assets / 14,176.80 12,656.50 10,043.80 Liabilities
  • 15. Current Ratio 1.6 1.51 1.5 1.4 1.2 1 0.91 0.91 0.8 Current Ratio 0.6 0.4 0.2 0 2008 2009 2010 2011
  • 16. Debt Equity Ratio 0.12 0.11 0.1 0.08 0.07 0.07 0.06 Debt Equity Ratio 0.04 0.02 0.02 0 2008 2009 2010 2011
  • 17. Ratios Analysis Particulars 2011 2010 2009 Quick Ratio 1.16 0.68 1.26 Interest Cover 128.41 105.39 34.21 Inventory Turnover 28.69 30.47 30.46 Ratio Return On Net 16.50 21.10 13.04 Worth(%) Operating Profit 8.05 12.74 9.18 Margin(%) Net Profit 6.10 8.34 5.72 Margin(%)
  • 18. 8 7.5 7 6 6 5 5 4.5 4 3.5 3 2 1 0 2007 2008 2009 2010 2011 Dividend Trend
  • 21. VALUATION Mahindra & Maruti Suzuki Mahindra LTP 1104.95 812.60 Change (%) 2.82 2.93 1,599.90 / 52 W H/L 826.40 / 585.10 1,045.00
  • 22. Particulars 2011 P/E 13.11 Price/Book 2.24 Industry P/E 15.92 Market Cap 31104.06 Div Yield(%) 0.70 EPS 79.22 CEPS 114.29
  • 23. Calculation of Target Price D1 TV P0 = + 1+ r 1+ r 5.3 TV 2011 7.5 1104.95 = + 1+0.13 1+0.13 2010 3.5 TV = Rs.1243.2 2009 3.5 9 2008 5 2007 4.5