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Maruti Suzuki came out with flying colours in the September 2015 quarter. Its top-line growth (13 per cent Y-o-Y to ₹13,575 crore) was supported both by a 10 per cent growth in volumes and a 3 per cent increase in average realisations.
An improved product mix from the addition of Celerio, Ciaz and the SX4 S-Cross to the portfolio has improved average realisation. Benign commodity costs and favourable forex movements took operating margins to 16.7 per cent vis-à-vis 12.7 per cent a year ago. Profits grew a strong 42 per cent to ₹1,225 crore. The good run is likely to continue. Improved consumer sentiment from lower inflation and rates should keep the volume growth ticking. Launches such as the Baleno and a compact SUV will further enrich the product mix and, hence, realisations and margins.
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