Religare Broking gives 'Buy' call for Maruti Suzuki, sees 35 pc returns

New Delhi [India], April 27 : Brokerage firm Religare Broking has given a 'buy' recommendation to potential investors for Maruti Suzuki India's shares.

The recommendation comes right after the automaker posted healthy January-March quarter earnings.

At the time of writing this report, the shares of the company were at Rs 8,520.05. The brokerage sees it at Rs 11,501, with a potential return on investments of about 35 per cent.

Religare said it expects the automaker to maintain its leadership position in the hatchback segment while its new models and strong offering in the compact SUV segment would aid in market share recovery for the company.

The auto company on Wednesday posted a jump of 42.34 per cent in its net profit to Rs 2,670 crore for the quarter ended March 31, 2023 (Q4 FY23), against Rs 1,875 crore in the year-ago period.

Automaker Maruti Suzuki India's net profits during the October-December 2022 quarter (Q3 FY23) were at Rs 2,351 crore, about 132 per cent higher than what was reported in the same quarter last year.

During the March quarter of 2022-23, the revenue from operations rose 20.82 per cent to Rs 30,823 crore, against Rs 25,513 crore in the corresponding period the previous year, according to a statement shared with the stock exchanges by the carmaker.