MARUTI

					                                                                                               Regd off: 1, Nelson Mandela Road, Vasant Kunj, New Delhi - 110 070
MARUTI SUZUKI LIMITED + $                                                                      E-Mail:    msilinvestorrelations@maruti.co.in
                                                                                               Web site: www.marutisuzuki.com
                                                                                               Telephone: (011) 4678 1000 Fax: (011) 2331 8754
AUTOMOBILES/VEHICLES                                                MISCELLANEOUS              Tr agent: Karvy Computershare, Plot 17-24, Vithalrao Nagar, Madhapur, Hyd. - 81
Chairman: R. C. Bhargava                                                         SEC: S. Ravi Aiyar (CLO)                                AUD: Price Waterhouse
Yr of Inc   B. Code       BL. Code     F.V.         Price        % ch 1-m        % ch 12-m       P/E       P/CF           Yield         Mkt cap                Vol.              ISIN
 1980   532500             MSIL:IN      5          1,436.7         3.4             126.7         33.8         21.4         0.2          415,062.6             164.9         INE585B01010
SHAREHOLDING                                                      FX Transaction (FY09)                               ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters            :  0.0%               Exports (fob)          Rs m 15,022                   (Rs)
Foreign collaborators       : 54.2%               Imports (cif)          Rs m 29,962
Indian inst/Mut Fund        : 18.6%               Fx inflow              Rs m 15,022             1600
FIIs/GDR                    : 20.7%               Fx outflow             Rs m 38,566                                                                           DAILY
Free float                  :  6.5%               Net fx                 Rs m -23,544
Shareholders                : 93,418                                                                                                                           100 DMA
                                                                                                 1200
                           No. of months                   12            12             12
                             Year ending             31/03/07      31/03/08       31/03/09
EQUITY SHARE DATA
                                                                                                  800
High                                   Rs                 991           1,252           854
Low                                    Rs                 670             713           428
Sales per share                        Rs               511.9           626.6         715.2
Earnings per share                     Rs                54.9            62.0          42.5       400
Cash flow per share                    Rs                64.4            81.8          67.3
Dividends per share                    Rs                4.50            5.00          3.50
Dividend yield (eoy)                   %                  0.5             0.5            0.5
                                                                                                       0
Book value per share                   Rs               242.5           298.6         331.1
Shares outstanding (eoy)               m               288.91         288.91        288.91             Aug-06          Jun-07           Feb-08                Nov-08             Aug-09
Bonus/Rights/Conversions                                     -               -             -
Price / Sales ratio                    x                   1.6             1.6           0.9                               No. of months                12             12              12
Avg P/E ratio                          x                 15.1            15.9          15.1                                  Year ending          31/03/07       31/03/08        31/03/09
                                                                                                CASH FLOW
P/CF ratio (eoy)                       x                 12.9            12.0            9.5
Price / Book Value ratio               x                   3.4             3.3           1.9    From Operations                         Rs   m       18,704            19,058      12,589
Dividend payout                        %                  8.2              8.1           8.2    From Investments                        Rs   m      -22,837           -30,823       8,569
Avg Mkt Cap                            Rs m           239,998        283,854       185,191      From Financial Activity                 Rs   m       -1,367             1,292      -5,191
No. of employees                       `000                  3               7             7    Net Cashflow                            Rs   m       -5,500           -10,473      15,967
Total wages/salary                     Rs m             2,965           3,644         4,813
Avg. sales/employee                    Rs Th         42,827.7       25,534.7      28,864.1                                        INTERIM RESULTS
Avg. wages/employee                    Rs Th            858.7           514.0         672.3                                           2QFY09   3QFY09             4QFY09          1QFY10
Avg. net profit/employee               Rs Th          4,591.4         2,524.5       1,714.5     Net sales                   Rs    m    49,936   46,258             64,329          64,930
                                                                                                Gross profit                Rs    m     5,157    2,968              4,493           7,932
INCOME DATA                                                                                     Gross profit margin         %            10.3       6.4                7.0           12.2
Net Sales                              Rs     m      147,884        181,041        206,638      Net profit                  Rs    m     2,961    2,136              2,431           5,835
Other income                           Rs     m        6,673          9,363         11,173      Net profit margin           %              5.9      4.6                3.8             9.0
Total revenues                         Rs     m      154,557        190,404        217,811
Gross profit                           Rs     m       19,312         22,766         13,548                                            KEY DATA
Depreciation                           Rs     m        2,755          5,727          7,165      Parameters                          Unit              FY07              FY08        FY09
Interest                               Rs     m          404            625            545      Capacity                            THNOS               450               520         920
Profit before tax                      Rs     m       22,826         25,777         17,011      Units sold                          THNOS               675               765         792
Minority Interest                      Rs     m            0               0              0     Capex/sales                         %                    9.2               9.1         7.7
Prior Period Items                     Rs     m            0               0              0     EBIT/Vehicle sold                   Rs               24,555            20,904      14,212
Extraordinary Inc (Exp)                Rs     m          308               0              0
Tax                                    Rs     m        7,280          7,878          4,737
                                                                                                                                       NOTES
Profit after tax                       Rs     m       15,854         17,899         12,274
Gross profit margin                    %                13.1           12.6             6.6    Maruti Suzuki, incorporated in 1981, is the country's largest passenger car
Effective tax rate                     %                31.9           30.6           27.8     manufacturer with a domestic market share of 52% in FY09. While Suzuki Japan
                                                                                               holds a 54% equity stake in the company, the government of India has completely
Net profit margin                      %                10.7             9.9            5.9
                                                                                               exited the company through a three-stage divestment process. After remaining a near
BALANCE SHEET DATA                                                                             monopoly till 1992, the entry of other multinationals and the emergence of domestic
                                                                                               competition have resulted in the company losing market share. However, it has been
Current assets                         Rs m           38,938         32,089         56,216     able to steady its share in the Indian passenger car segment through aggressive
Current liabilities                    Rs m           25,132         28,467         34,986     capacity expansion and new product introductions.
Net working cap to sales               %                  9.3            2.0          10.3
Current ratio                          x                  1.5            1.1            1.6    After slipping by 14% during 3QFY09, Maruti's volumes witnessed a sharp
Inventory Turnover                     Days                18            21             16     turnaround during the fourth quarter, enabling it to post a near 4% volume growth for
Debtors Turnover                       Days               19             14             17     the full year. Recovery in the fourth quarter was aided by the fiscal stimulus measures
Net fixed assets                       Rs m           29,530         41,139         50,837     undertaken by the government as well as lowering of interest rates by some key
Share capital                          Rs m            1,445          1,445          1,445     banks. Growth in the company's 'A3' segment offerings, which managed to grow by
"Free" reserves                        Rs m           68,489         84,795         94,177     54% for the full year, stood out rather prominently. It also helped give a big boost to
                                                                                               the company's topline in value terms, on account of significantly higher realisations
Net worth                              Rs m           70,065         86,271         95,653
                                                                                               enjoyed by cars from this segment. The company's bottomline, however, fell by 30%
Long term debt                         Rs m            5,356          5,388          6,005
                                                                                               as lower operating margins and higher depreciation charges took toll.
Total assets                           Rs m          103,614        125,877        139,825
Interest coverage                      x                57.5           42.2           32.2     The company has laid down a clear road map to achieve annual sales of one million
Debt to equity ratio                   x                  0.1            0.1            0.1    cars in the domestic market and 200,000 exports by FY11. Towards this, it will not
Sales to assets ratio                  x                  1.4            1.4            1.5    only invest in manufacturing facilities but will also invest in marketing infrastructure
Return on assets                       %                21.6           20.2           12.6     and brand building. Although the company might not retain its dominant market
Return on equity                       %                22.6           20.7           12.8     position, we believe it will be one of the major beneficiaries of the Indian auto growth
Return on capital                      %                31.2           28.8           17.3     story, thanks mainly to its extensive distribution network and a strong focus on quality
Exports to sales                       %                  3.9            4.1            7.3    and customer satisfaction.
Imports to sales                       %                  9.6          12.5           14.5
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posted:11/6/2010
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