February 13,2007

Dipesh Solanki
Gurpreet Singh Chhabra
Karna Mehta
Muzammil Poonawala
Ronak Salecha
Vishal Changela

Nifty :- 4953.70 Sensex :- 16608

Key Stock Data

Sector Manufacturing

Industry Autmobiles 4 wheelers

Shares o/s(m) 288910060

Market Capital Rs Cr 23488.39

Market Capital $ Mn 5872.1

3-m daily average
Volume

Price performance

52 week high price : 1248.00

52 week low price : 700.00 COMPANY REPORT

Shareholding Pattern (%) Rs 809.16

Summary
Promoters 54.21
Maruti Suzuki India Ltd a subsidary of Suzuki Corporation
of Japan, is India's largest passenger car company,
accounting for over 50% of the domestic market.
MFs/Fis/Banks 9.81 More than half the number of cars sold in India wear a
Maruti Suzuki badge. We are a subsidiary of Suzuki
Motor Corporation Japan.
OCBs/FIIs/NRI 29.84 We offer 10 models ranging from people's car Maruti 800
to stylish hatchback Swift, SX4 sedan and luxury Sports
Utility.
For the fiscal year 2007, we achieved sales of Rs
Public & Others 6.14 171,442 Cr Net sales increased by 21.6% during 2006-
07. Profit after tax grew by 31.4% over the previous
year. The company was able to increase its net profit to
net sales ratio from 9.9% in 2005-06 to 10.7% in
2006-07.
 EPS (Rs) 41.16 54.06

OPM (%) 15.29 14.88

NPM (%) 9.53 10.29

Financial Snapshot (end March)

Year FY06 FY07

Revenue 124,814 152,523

PAT 11,891 15,620

FINANCIAL SUMMARY (Year End March)
PROFIT & LOSS ACCOUNT (Rs Cr)

YEAR FY06 FY07

NET SALES 120034 145922
OTHER INCOME 4292 5984
TOTAL EXPENDITURE 106320 124771
PBT 20538 25888
TAX 6251 7178
PAT 11891 15620
BALANCE FROM LAST YEAR 34421 43939
PROFIT AVAILABLE 43939 56573

BALANCE SHEET (Rs Cr)

YEAR FY06 FY07

SHARE CAPITAL 1445 1445
RESERVES & SURPLUS 53081 67094
TOTAL SHAREHOLDERS FUND 54526 68539
SECURED LOANS 717 635
TOTAL DEBT 717 6308
TOTAL LIABILITY 56022 76522
NET BLOCK 17872 28986
CAPITAL WORK IN PROGRESS 920 2389
INVESTMENTS 20512 34092
TOTAL CURRENT ASSETS 37409 38459
TOTAL CURRENT LIABILITIES 19771 25015
NET CURRENT ASSETS 17638 13444
TOTAL ASSETS 56022 76522

KEY RATIOS

FOR FY O7 COMPANY INDUSTRY

CURRENT RATIO 1.54
 NET WORKING CAPITAL (Rs Mn) 13444
DEBT/EQUITY 0.08
INTEREST COVERAGE RATIO 68.85
GROSS PROFIT MARGIN 13.05
NET PROFIT MARGIN 10.29
ROI 0.45
ROA 20.41
ROCE 34.59
RONW 20.89
EPS 54.06
DIVIDEND PAYOUT RATIO 0.08
PE RATIO 14.90
INVENTORY TURNOVER RATIO 24.03
ASSETS TURNOVER RATIO 1.44
DEBTOR TURNOVER RATIO 17.58

COMPARISONS

PARTICULARS Y-O-Y PEER - PEER

FY O6 FY 07
CURRENT RATIO 1.77 1.54 1.37
NET WORKING CAPITAL (Rs Mn) 17638 13444
DEBT/EQUITY 0.01 0.08 0.53
INTEREST COVERAGE RATIO 104.61 68.85 77.85
GROSS PROFIT MARGIN(%) 12.95 13.05 9.33
NET PROFIT MARGIN(%) 9.53 10.29 10.34
ROI(%) 0.58 0.45
ROA(%) 21.22 20.41
ROCE(%) 37.21 34.59 26.09
RONW(%) 19.95 20.89 30.33
EPS(%) 43.87 54.06 40.38
PE RATIO 14.90 14.33
INVENTORY TURNOVER RATIO 18.78 24.03 13.42
ASSETS TURNOVER RATIO 2.46 1.44 3.14
DEBTOR TURNOVER RATIO 18.72 17.58
MARKET CAPITALISATION (Rs Cr) 23488.9 14221.08

 KEY DEVELOPMENTS
 
No Plan for a Car Below 800cc , says Maruti
The Times of India

New Delhi: Maruti Suzuki on Tuesday said it has no plans to launch a car below the 800cc segment but intends to unveil 'world strategic models' like
the Splash and A-Star for the Indian market.
 
In what was a reference to Tata Nano, Maruti also said it was "delighted" that various manufacturers were making efforts to offer low-cost cars in the
segment below Maruti 800. "While Maruti Suzuki commends these various initiatives, the company has no plans whatsoever of developing or offering a
car in the segment below the Maruti 800," it said.

"In future, the company plans to launch World Strategic Models like Splash and A-Star, as part of the same conscious effort to offer international
quality and design to Indian customers at an attractive price," the statement said.

Maruti’s Alto set to cross One Million Mark

The Economic Times

New Delhi: The country's largest carmaker, Maruti Suzuki India, is set to add yet another feather on its cap
with its best selling hatchback model 'Alto' expected to cross the one-million mark this week.

"The model is just about 2,500 units short of crossing the one-million mark, which we expect to achieve in
the middle of the week," a company official told.

Since its launch in 2000, Alto has set many records such as the first model in India to cross two lakh sales
in a single financial year, fastest to sell one lakh units in 150 days.
It took six years for the brand to clock five lakh units in the domestic market and since 2005-06 it continues
to be the best selling model in India, dethroning MSI's erstwhile bread and butter model M800.

The model had recorded its best monthly sales of 22,784 units in November 2007, the official said, adding it
continued to average 20,000 units a month.

Maruti to Beef up R&D

The Hindu

Chennai: Maruti Suzuki is planning to treble the number of engineers and designers at its R&D (research
and development) centre over the next three years. The company at present has little less than 300 people
in its R&D wing. This will go up to 1,000 in three years, according to company sources.

The move on the R&D front comes even as Maruti Suzuki is gearing to roll out a range of new models such
as Swift Sedan, A-Star and Splash in the near term. In the medium-term, it is planning to launch the D-
segment car, Kizashi.

The company is also stepping up work in alternative fuel segments like LPG, where it has shown success
with WagonR Duo and Omni. Maruti has an aggressive plan for model launches in the next few years

S. Nakanishi, Managing Director, had asserted that Maruti was ready to play a major role in Suzukis global
operations. It In the light of the success of world strategic models like Swift and SX4, Maruti will be
launching other Suzuki world models like Splash and A-Star in the next 12-18 months.

The A-Star will be manufactured exclusively by Maruti and exported to Europe and the rest of the world.