Citi has reiterated its Buy rating on Maruti stock/share with a target price of ₹13,500, implying a 20.71% upside from the current market price of ₹11,185.00.
Maruti’s December volumes show robust growth
Citi highlighted Maruti’s strong volume performance for December 2024, driven by both domestic and export sales:
- Domestic volumes (including sales to Toyota) rose 27% YoY but fell 8% MoM, reflecting healthy demand during the year.
- Export volumes surged 39% YoY and 31% MoM, showcasing strength in international markets.
- Overall December volumes increased 30% YoY but declined marginally by 2% MoM, indicating sustained momentum despite seasonal softness.
Positive outlook for Maruti shares
Citi believes that the strong December performance indicates that there was no extraordinary inventory build-up, showcasing Maruti’s effective demand management and channel alignment. This reinforces the brokerage’s confidence in the company’s ability to sustain growth.
Disclaimer:
This content is for informational purposes only and should not be considered as investment advice. Investors are advised to consult with financial advisors before making investment decisions.
