maruti suzuki, 28th january, 2013

7/29/2019 Maruti Suzuki, 28th January, 2013

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Please refer to important disclosures at the end of this report 1

EBITDA 891 403 121.1 509 75.3

EBITDA Margin (%) 8.0 5.2 274bp 6.1 183bp

Source: Company, Angel Research

Maruti Suzuki (MSIL) reported strong results for 3QFY2013. While the top-line

(up 35% qoq) was broadly in-line with our estimates, the bottom-line was slightly

ahead despite the higher tax rate (at 26% as against 19% in 2QFY2013), driven

by EBITDA margin expansion of 183bp sequentially to 8%. The margin expansion

was led by superior product-mix (higher share of Swift, Dzire and Ertiga andhigher proportion of diesel vehicles in the product-mix), lower discounts (at

` 12,100/unit vs ` 14,700/unit in 2QFY2013), price hikes and favorable currency

movement. Going ahead, we expect MSIL to post a modest volume growth of

~2% in FY2013; however, we expect volumes to rebound in FY2014 and post a

growth of 13% driven by availability of additional diesel engines and revival in

demand for petrol cars. We also expect operating margins to improve ~140bp in

FY2014 led by a favorable product-mix and currency movement, lower discounts

and ongoing cost reduction initiatives. Nonetheless, post the sharp run-up in the

stock price (up ~18%) over the last three months; the stock appears to be fairly

valued.

For 3QFY2013, net sales grew by a robust 44.9%yoy (34.9% qoq) to ` 11,200cr, driven by 25.9% yoy (30.9% qoq) and 15.7% yoy

(3.8% qoq) growth in volumes and net average realization respectively. While

volume growth came on the back of the low base (volumes in 3QFY2012 and

2QFY2013 were impacted due to labor strike); net average realization improved

on account of superior product-mix, lower discounts and price hikes. The share of

diesel vehicles stood at ~40% in 3QFY2013 as against ~33% in 2QFY2013. On

the operating front, margins improved 183bp sequentially to 8% primarily due to

favorable product-mix, operating leverage benefits and favorable currency

movement. The royalty expense for the quarter stood at 5.6% as against 6% in

3QFY2012. Led by strong operating performance and base effect, net profit

surged 143.8% yoy (120.4% qoq) to ` 501cr, ahead of our estimates of ` 474cr.

At ` 1,600, MSIL is trading at a rich valuation of 16.7xFY2014E earnings. We therefore maintain our Neutral rating on the stock.

% chg 25.8 (2.8) 18.9 20.8

% chg (6.9) (35.1) 27.3 48.6

EBITDA (%) 9.9 7.1 7.5 8.9

P/E (x) 20.5 31.6 24.9 16.7

P/BV (x) 3.3 3.0 2.8 2.4

RoE (%) 17.5 10.1 11.6 15.3

RoCE (%) 19.3 8.8 10.1 14.9

EV/Sales (x) 0.9 1.0 0.8 0.6

EV/EBITDA (x) 10.7 15.4 12.1 8.0


CMP ` 1,600

Target Price -

Investment Period -

Stock Info

Sector

Bloomberg Code

Shareholding Pattern (%)

Promoters

MF / Banks / Indian Fls

FII / NRIs / OCBs

Indian Public / Others

Abs. (%) 3m 1yr 3yr

Sensex 7.5 3.5 11.0

Maruti Suzuki 24.5 23.6 (0.6)

Automobile

Avg. Daily Volume

Market Cap ( ` cr)

Beta

52 Week High / Low

40,291

0.8

1,428/906

86,683

Net Debt ( ` cr) (7,109)

54.2

22.4

20.5

2.9

Face Value ( ` )

BSE Sensex

Nifty

Reuters Code

MSIL@IN

5

18,431

5,598

MRTI.BO

022-3935 7800 Ext: 6844

[email protected]

Performance Highlights

3QFY2013 Result Update | Automobile

January 25, 2013



Maruti Suzuki | 3QFY2013 Result Update

January 25, 2013 2

Exhibit 1: Quarterly financial performance (Standalone)

Consumption of RM 8,217 5,748 43.0 6,117 34.3 22,264 17,613 26.4(% of Sales) 73.4 74.3 73.7 73.5 73.8

Staff Costs 241 209 15.4 235 2.6 715 588 21.6

(% of Sales) 2.2 2.7 2.8 2.4 2.5

Purchases of TG 567 366 54.7 494 14.8 1,521 1,120 35.8

(% of Sales) 5.1 4.7 5.9 5.0 4.7

Other Expenses 1,284 1,005 27.7 951 35.0 3,598 2,885 24.7

(% of Sales) 11.5 13.0 11.4 11.9 12.1

OPM (%) 8.0 5.2 6.1 7.2 6.9

Interest 46 18 161.1 38 20.8 117 34 241.8

Depreciation 358 299 19.9 347 3.3 1,045 808 29.4

Other Income 189 175 8.0 156 20.7 457 530 (13.7)

Extr. Income/(Expense) - - - - - - -

(% of Sales) 6.0 3.4 3.4 4.9 5.6

Provision for Taxation 174 56 213.1 52 232.9 328 347 (5.3)

(% of PBT) 25.8 21.3 18.7 22.2 25.8

Adj. PATM 4.5 2.7 2.7 3.8 4.2

Equity capital (cr) 144.5 144.5 144.5 144.5 144.5


Exhibit 2: 3QFY2013 – Actual vs Angel estimates

EBITDA 891 842 5.8

EBITDA margin (%) 8.0 7.5 42bp





January 25, 2013 3

Exhibit 3: Quarterly volume performance

A: Mini: M800, Alto, A-Star, WagonR 111,709 102,523 9.0 90,210 23.8 296,732 337,423 (12.1)

A: Compact: Swift, Estilo, Ritz 68,790 53,671 28.2 39,631 73.6 181,407 154,186 17.7 A: Super Compact: Dzire 40,967 24,593 66.6 26,192 56.4 114,117 69,976 63.1

A: Mid-Size: SX4 1,716 2,596 (33.9) 1,414 21.4 4,577 12,505 (63.4)

A: Executive: Kizashi 151 216 - 14 978.6 186 387 -

B: Utility Vehicles: Gypsy, Grand Vitara 20,286 688 2,848.5 21,401 (5.2) 60,652 4,534 1,237.7

C: Vans: Omni, Eeco 25,338 27,516 (7.9) 31,092 (18.5) 84,504 105,881 (20.2)


For 3QFY2013, net sales grew by a robust

44.9% yoy (34.9% qoq) to ` 11,200cr which was in-line with our estimates, driven

by a 25.9% yoy (30.9% qoq) and 15.7% yoy (3.8% qoq) growth in volumes and

net average realization respectively. While volume growth came on the back of the

low base (volumes in 3QFY2012 and 2QFY2013 were impacted by a labor strike);

net average realization improved on account of superior product-mix (higher share

of Swift, Dzire and Ertiga and higher proportion of diesel vehicles in the

product-mix), lower discounts (at ` 12,100/unit vs ` 14,700/unit in 2QFY2013) and

price hikes. The share of diesel vehicles stood at ~40% in 3QFY2013 as against

~33% in 2QFY2013. The export revenue for the quarter stood at ` 1,320cr

(up 40.7% yoy), driven by a strong volume growth of 17.2% yoy (59.1% mom) and

net average realization growth of 20.1% yoy. The exports performance benefitted

from the sales of Ertiga kits to Indonesia and favorable forex movement.

Exhibit 4: Strong volume growth of 25.9% yoy


Exhibit 5: Net average realization surges 15.7% yoy


330,687343,350

281,526252,307 239,528

360,334

295,896

230,376

301,453

28.2

19.5

(0.6)

(19.6)

(27.6)

4.9 5.1

(8.7)

25.9

(40.0)

(30.0)

(20.0)(10.0)

0.0

10.0

20.0

30.0

40.0

0

50,000

100,000150,000

200,000

250,000

300,000

350,000

400,000

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

2 Q F Y 1 3

3 Q F Y 1 3

(%)(units) Total volume yoy growth (RHS)

(1.3) (0.4)3.2 3.4

12.0 11.7

21.318.9

15.7

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

0

50,000

100,000150,000

200,000

250,000

300,000

350,000

400,000

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

2 Q F Y 1 3

3 Q F Y 1 3

(%)(`) Net average realisation/unit yoy growth (RHS)




January 25, 2013 4

Exhibit 6: In-line growth in net sales


Exhibit 7: Domestic passenger car market share trend

Source: Company, SIAM, Angel Research

Exhibit 8: Quarterly revenue and realization performance

Change yoy (%) 6.8 (17.6) (21.9) 14.7 27.6 1.0 46.3

Domestic realization ( ` ) 294,779 294,367 311,096 318,656 358,165 314,921 358,310

Change yoy (%) 3.5 3.0 10.4 11.5 21.5 7.0 15.2

Change yoy (%) (23.3) (10.4) 11.8 43.0 26.9 (7.3) 40.7

Export realization ( ` ) 281,101 297,314 338,323 319,712 337,092 403,486 406,204

Change yoy (%) 0.6 7.1 25.7 13.7 19.9 35.7 20.1


MSIL’s EBITDA

margin improved 183bp sequentially to 8%, primarily due to favorable

product-mix, operating leverage benefits and favorable currency movement. The

raw-material cost as a percentage of sales declined 117bp qoq to 78.4%, led

largely by better product-mix (towards Swift, Dzire and Ertiga and towards diesel

vehicles), lower discounts and ongoing cost reduction initiatives. The employee

expense as a percentage of sales too declined 60bp qoq during the quarter. On a

sequential basis, EBITDA margin improved 274bp primarily due to 150bp decline

in other expenditure as a percentage of sales driven by favorable foreign exchange

movement which led to lower royalty outgo (down 40bp yoy to 5.6%) and

operating leverage benefits. As a result, the operating profit surged 121.1% yoy

(75.3% qoq to ` 891cr.

9,494 10,005 8,454 7,674 7,732 11,727 10,778 8,305 11,200

26.518.8

2.7

(16.1) (18.6)

17.227.5

8.2

44.9

(30.0)

(20.0)

(10.0)

0.0

10.0

20.0

30.0

40.0

50.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

2 Q F Y 1 3

3 Q F Y 1 3

(%)( ` cr) Net sales yoy change (RHS)

52.248.0

44.7 40.9 38.744.7 44.1

37.6

47.3

0.0

10.0

20.0

30.0

40.0

50.0

60.0

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

2 Q F Y 1 3

3 Q F Y 1 3

(%)




January 25, 2013 5

Exhibit 9: EBITDA margin improves to 8%


Exhibit 10: Net profit slightly higher than expected


Led by strong operatingperformance and due to base effect, net profit surged 143.8% yoy (120.4% qoq) to

` 501cr, which was slightly ahead of our estimates of ` 474cr. This was despite the

higher tax rate (at 25.8% as against 18.7% in 2QFY2013 and 21.3% in

3QFY2012) during the quarter.

9.5 10.1 9.6 5.7 5.2 7.3 7.3 6.1 8.0

80.379.2 79.9

81.079.1

81.379.7 79.6 78.4

5.2 5.1 4.8

6.0 6.05.1

6.2

5.4 5.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

0.0

20.0

40.0

60.0

80.0

100.0

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

2 Q F Y 1 3

3 Q F Y 1 3

(%)(%) EBITDA margin Raw material cost/sales

Royalty expenses/sales (RHS)

565 660 549 240 206 640 424 227 501

6.06.6 6.5

3.12.7

5.5

3.9

2.7

4.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

0

100

200

300

400

500

600

700

3 Q F Y 1 1

4 Q F Y 1 1

1 Q F Y 1 2

2 Q F Y 1 2

3 Q F Y 1 2

4 Q F Y 1 2

1 Q F Y 1 3

2 Q F Y 1 3

3 Q F Y 1 3

(%)( ` cr) Net profit Net profit margin (RHS)




January 25, 2013 6

Investment arguments

In FY2009, car penetration in

India was estimated at around 12 vehicles/1,000 people compared to around

21 vehicles/1,000 people in China. Moreover, India’s PPP-based per capita is

estimated to approach US$5,000 over the next four to five years, which is

expected to be the inflexion point for the country’s car demand. Further, MSIL

has a sizeable competitive advantage over new foreign entrants due to its

widespread distribution network (nearly 3,000 and 1,000 service and sales

outlets, respectively), which is not easy to replicate.

Suzuki Japan

is making Maruti a manufacturing hub to cater to the increasing global

demand for small cars due to rising fuel prices and stricter emission standards.

Thus, we believe there is a huge potential for the company to increase its

market share in the export market. Moreover, R&D capabilities, so far largely

housed at Suzuki Japan, are progressively moving to MSIL. The company is

aiming to achieve full model change capabilities over the next couple of years,

which will enable it to launch new models and variants at a much faster pace.

This is expected to reduce its royalty payment in the medium-term (2-3 years).

MSIL is set to merge its

associate company, Suzuki Power Train (SPIL) with itself. SPIL, a 70:30 JV

between Suzuki Motor Corporation (SMC), Japan, and MSIL, manufactures

and supplies diesel engines and transmission components for vehicles. SPIL

currently supplies ~90% of its production to MSIL. We believe the merger of

SPIL with MSIL is positive for MSIL given that MSIL itself is setting up a newdiesel engine facility (capacity of 300,000 units by FY2014) in Gurgaon.

Further, with increasing trend of dieselization, the integration of SPIL will result

in better control over diesel engine sourcing, flexibility in production planning,

and managing fluctuations in market demand. Additionally, single

management control of diesel engine operations will result in better sourcing,

localization and cost-reduction. While the merger is accretive for MSIL, we are

not yet factoring it in our financials and valuations.

Outlook and valuation

Going ahead, we expect MSIL to post a modest volumes growth of ~2% in

FY2013; however, we expect volumes to rebound in FY2014 and post a growth of

13%, driven by availability of additional diesel engines and revival in demand for

petrol cars. We also expect operating margin to improve ~140bp in FY2014 led

by a favorable product-mix and currency movement, lower discounts and ongoing

cost reduction initiatives. We broadly retain our top-line estimates for the company

for FY2013E/14E. However, our earnings estimates for FY2013 are revised

marginally downwards as we increase our tax rate assumption for FY2013 to

factor in the higher tax-rate that the company was subjected to during 3QFY2013.




January 25, 2013 7

Exhibit 11: Change in estimates

OPM (%) 7.5 8.6 7.5 8.9 4 bp 30 bp


We continue to remain positive on long-term volume growth in the passenger car

industry, driven by economic growth and low penetration levels in the country.

Nonetheless, post the sharp run-up in the stock price (up ~18%) over the last three

months; the stock appears to be fairly valued. At ` 1,600, MSIL is trading at a rich

valuation of 16.7x FY2014E earnings.

Exhibit 12: Key assumptions

A1: Maruti 800 49,383 33,028 26,485 20,000 18,000 17,100

C: Omni, Versa, Eeco 77,948 101,325 160,626 144,061 115,249 126,774

A2: Alto, WagonR, Zen, Swift, A Star, Ritz

511,396 633,190 808,552 707,143 650,572 748,157

A3 : SX4, Dzire 75,928 99,315 131,282 128,129 162,724 182,251

A4: Kizashi - - 138 458 321 385

MUV: Gypsy, Vitara, Ertiga 7,489 3,932 5,666 6,525 82,215 92,081


Exhibit 13: Angel vs consensus forecast

EPS ( ` ) 64.4 95.6 67.0 97.2 (3.9) (1.6)

Source: Bloomberg, Angel Research




January 25, 2013 8

Exhibit 14: One-year forward P/E band


Exhibit 15: One-year forward P/E chart


Exhibit 16: One-year forward EV/EBITDA band


Exhibit 17: Premium/Discount to Sensex P/E


Exhibit 18: Automobile - Recommendation summary

Ashok Leyland Accumulate 25 28 13.9 16.9 11.2 6.7 5.5 9.3 13.4 2.7

Bajaj Auto Neutral 2,079 - - 19.3 16.5 13.6 11.1 45.8 42.8 8.9

Hero MotoCorp Accumulate 1,764 1,923 9.0 16.7 14.7 8.4 6.9 44.3 40.9 5.3

Mahi. & Mahi. Accumulate 900 998 10.9 16.5 14.5 9.5 7.9 24.2 23.2 15.3Tata Motors Accumulate 301 337 10.3 8.5 7.1 4.6 3.9 30.2 27.6 12.3

TVS Motor Accumulate 43 46 8.0 9.5 7.4 4.0 3.1 17.4 19.4 5.3


Company background

Maruti Suzuki (MSIL), a subsidiary of Suzuki Motor Corporation, Japan (with a

54.2% stake), is the largest passenger car (PC) company in India, accounting for

42.4% of the domestic passenger car market. MSIL derives ~75% of its overall

sales from the small car segment and has a dominant position in the segment with

a market share of ~50%, led by popular models like Alto, Wagon R and Swift. The

company operates from two facilities in India (Gurgaon and Manesar) and is in theprocess of expanding its manufacturing capacity to 1.9mn units (currently 1.65mn)

by FY2014. Also, MSIL has steadily increased its presence internationally and

exports now account for ~11% of its overall sales volume.

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(%) Absolute premium Five-yr average premium




January 25, 2013 9

Profit and loss statement (Standalone)

% chg 14.3 42.3 25.8 (2.8) 18.9 20.8

Net raw material costs 16,045 22,170 28,364 28,108 33,124 39,338

Other mfg costs 448 526 365 411 508 613

Employee expenses 464 538 704 844 1,142 1,405

Other 2,064 2,439 3,547 3,711 4,340 5,165

% chg (37.5) 139.1 6.2 (30.9) 26.9 43.2

(% of total op. income) 7.0 11.8 9.9 7.1 7.5 8.9

Depreciation & amortization 707 825 1,014 1,138 1,404 1,629

% chg (57.9) 258.0 0.9 (47.6) 29.9 64.5


Interest and other charges 51 34 25 55 162 162

Other income 1,000 1,024 509 827 761 837

% chg (33.0) 114.4 (13.5) (31.0) 11.1 51.5

Extraordinary income/ (expense) (146) (79) (36) (174) - -

Tax 457 1,095 820 511 525 849

(% of PBT) 29.9 31.2 26.7 25.9 22.0 23.5

% chg (35.8) 125.5 (6.9) (35.1) 27.3 48.6


% chg (35.8) 125.5 (6.9) (35.1) 27.3 48.6




January 25, 2013 10

Balance sheet statement (Standalone)

Equity share capital 145 145 145 145 145 145Reserves & surplus 9,200 11,691 13,723 15,042 16,651 19,164

Total loans 699 821 170 1,078 1,078 1,078

Deferred tax liability 155 137 164 302 302 302

Other long term liabilities - - 96 97 97 97

Long term provisions - - 140 168 168 168

Gross block 8,721 10,407 11,738 14,735 16,912 19,625

Less: Acc. depreciation 4,650 5,382 6,208 7,214 8,618 10,247

Capital work-in-progress 861 388 863 611 1,184 1,374

Long term loans and advances - - 1,255 1,672 1,672 1,672

Other noncurrent assets - - 47 26 26 26

Current assets 5,510 3,772 5,625 6,325 6,368 8,136

Cash 1,939 98 2,509 2,436 2,024 2,913

Loans & advances 1,731 1,656 877 1,155 1,354 1,635

Other 1,840 2,019 2,240 2,734 2,991 3,589

Current liabilities 3,417 3,568 3,988 5,469 5,838 7,285




January 25, 2013 11

Cash flow statement (Standalone)

Profit before tax 1,530 3,514 3,073 1,972 2,385 3,613

Depreciation 707 825 1,014 1,138 1,404 1,629Change in working capital (624) 48 150 (104) (87) 568

Others 1,038 764 (88) 561 - -

Other income (1,000) (1,024) (509) (827) (761) (837)

Direct taxes paid (457) (1,095) (820) (511) (525) (849)

(Inc.)/Dec. in fixed assets (1,560) (1,212) (1,806) (2,746) (2,750) (2,903)

(Inc.)/Dec. in investments 2,007 (4,003) 2,070 (1,041) (588) (918)

Other income 1,000 1,024 509 827 761 837

Issue of equity - - - - - -

Inc./(Dec.) in loans (201) 123 (651) 908 - -

Dividend paid (Incl. Tax) 118 202 252 252 252 252

Others (949) (1,006) (783) (502) - -

Inc./(Dec.) in cash 1,608 (1,841) 2,410 (72) (412) 889




January 25, 2013 12

Key ratios

P/E (on FDEPS) 43.1 19.1 20.5 31.6 24.9 16.7P/CEPS 24.0 14.3 14.2 17.8 14.2 10.5

P/BV 4.9 3.9 3.3 3.0 2.8 2.4

Dividend yield (%) 0.2 0.4 0.5 0.5 0.5 0.5

EV/Sales 1.8 1.2 0.9 1.0 0.8 0.6

EV/EBITDA 29.2 11.6 10.7 15.4 12.1 8.0

EV / Total Assets 4.4 3.9 3.0 2.7 2.3 2.0

EPS (Basic) 42.2 86.4 79.2 56.6 64.4 95.6

EPS (fully diluted) 37.1 83.7 77.9 50.6 64.4 95.6

Cash EPS 66.6 112.2 113.0 89.9 112.9 152.0

DPS 3.5 6.0 7.5 7.5 7.5 7.5

Book Value 323.4 409.5 479.8 525.5 581.2 668.1

EBIT margin 3.6 8.9 7.2 3.9 4.2 5.8

Tax retention ratio 0.7 0.7 0.7 0.7 0.8 0.8

Asset turnover (x) 4.5 5.5 5.9 4.7 4.7 3.7

ROIC (Post-tax) 11.2 33.8 31.2 13.5 15.5 16.2

Cost of Debt (Post Tax) 4.5 3.0 3.7 6.6 11.7 11.5

Leverage (x) 0.0 0.0 0.0 0.0 0.0 0.0

Operating ROE 11.2 33.8 31.2 13.5 15.5 16.2

ROCE (Pre-tax) 7.4 22.6 19.3 8.8 10.1 14.9

Angel ROIC (Pre-tax) 14.3 47.1 38.5 16.7 18.4 16.3

ROE 12.1 22.8 17.5 10.1 11.6 15.3

Asset Turnover (Gross Block) 2.6 3.0 3.3 2.7 2.7 2.8

Inventory / Sales (days) 17 13 13 16 17 17

Receivables (days) 14 11 8 9 9 9

Payables (days) 49 37 33 44 44 43

WC cycle (ex-cash) (days) 1 2 (4) (13) (13) (13)

Net debt to equity (0.5) (0.5) (0.5) (0.5) (0.5) (0.5)

Net debt to EBITDA (3.1) (1.9) (2.0) (3.0) (2.4) (2.1)

Interest Coverage (EBIT / Int.) 14.2 77.7 105.0 24.9 11.0 18.2




J 25 2013 13

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies

referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make

investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this

document are those of the analyst, and the company may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .

Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or

other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in

the past.

Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in

connection with the use of this information.

Disclosure of Interest Statement Maruti Suzuki

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

maruti suzuki, 28th january, 2013

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