UBS has maintained a buy rating on Maruti while cutting the target price to Rs 14,800 from Rs 15,200.
Although Q2 results were a miss, the outlook on demand and margins has improved. The situation is not as bad as initially feared, leading UBS to retain the buy rating based on attractive valuations. Q2 FY25 gross margin contraction weighed on EBITDA; however, the adjusted PAT was above estimates. Festive demand appears strong, with inventories and discounts under control.
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