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Maruti Suzuki India Limited Company Profile

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Maruti Suzuki India Limited Company Profile Maruti Suzuki India Limited Company Profile: Maruti Suzuki India Limited a partial subsidiary of Suzuki Motor Corporation of Japan, is India's largest passenger car company, accounting for over 45% of the domestic car market. The company offers a complete range of cars from entry level Maruti 800 and Alto, to hatchback Ritz, A star, Swift, Wagon-R, Estillo and sedans DZire, SX4 and Sports Utility vehicle Grand Vitara. It was the first company in India to mass-produce and sell more than a million cars. It is largely credited for having brought in an automobile revolution to India. It is the market leader in India and on 17 September 2007. Maruti Suzuki has been the leader of the Indian car market for over two decades. The company's headquarters are located in New Delhi. Maruti Udyog Limited (MUL) was established On 24th February,1981, though the actual production commenced on 14th December, 1983 with the Maruti 800, based on the Suzuki ³Alto kei´ car which at the time was the only modern car available in India, its only competitors- the Hindustan Ambassador and Premier Padmini were both around 25 years out of date at that point. Through 2004, Maruti Suzuki has produced over 5 Million vehicles. Maruti Suzukis are sold in India and various several other countries, depending upon export orders. Models similar to Maruti Suzukis (but not manufactured by Maruti Udyog) are sold by Suzuki Motor Corporation and manufactured in Pakistan and other South Asian countries. The company annually exports more than 50,000 cars and has an extremely large domestic market in India selling over 730,000 cars annually. Maruti 800, till 2004, was the India's largest selling compact car ever since it was launched in 1983. More than a million units of this car have been sold worldwide so far. Currently, Maruti Suzuki Alto tops the sales charts and Maruti Suzuki Swift is the largest selling in A2 segment. Due to the large number of Maruti 800s sold in the Indian market, the term "Maruti" is commonly used to refer to this compact car model ("Maruti" is another name of the Hindu god, Hanuman). Its manufacturing facilities are located at two facilities Gurgaon and Manesar south of Delhi. Maruti Suzuki¶s Gurgaon facility has an installed capacity of 350,000 units per annum. The Manesar facilities, launched in February 2007 comprise a vehicle assembly plant with a capacity of 100,000 units per year and a Diesel Engine plant with an annual capacity of 100,000 engines and transmissions. Manesar and Gurgaon facilities have a combined capability to produce over 700,000 units annually. More than half the cars sold in India are Maruti Suzuki cars. .The Company is a subsidiary of Suzuki Motor Corporation, Japan, which owns 54.2 per cent of Maruti Suzuki. The rest is owned by public and financial institutions. It is listed on the Bombay Stock Exchange and National Stock Exchange in India. Maruti Suzuki offers 14 models, Maruti 800, Alto, WagonR, Estilo, A-star, Ritz, Swift, Swift DZire, SX4, Omni, Eeco, Gypsy, Grand Vitara, Kizashi. Swift, Swift DZire. A-star and SX4 are manufactured in Manesar, Grand Vitara and Kizashi are imported from Japan as completely built units(CBU), remaining all models are manufactured in Maruti Suzuki's Gurgaon Plant. Suzuki Motor Corporation, the parent company, is a global leader in mini and compact cars for three decades. Suzuki¶s technical superiority lies in its ability to pack power and performance into a compact, lightweight engine that is clean and fuel efficient. Nearly 75,000 people are employed directly by Maruti Suzuki and its partners. It has been rated first in customer satisfaction among all car makers in India from 1999 to 2009 by J D Power Asia Pacific. In 2009-10 the company sold 1018365 vehicles. This comprised 870790 vehicles in the domestic market and 147575 vehicles in export markets. In all, over six million Maruti Suzuki cars are on Indian roads since the first car was rolled out on 14 December 1983. The total income of the company for 2009-10 stood at Rs 301198 billion. Maruti Suzuki has a strong balance sheet with reserves and surplus of Rs 116.9 billion and debt equity ratio of 0.007 as on 31st mar 2001. Domestic sales and service network: The company has the largest sales and service network among car manufacturers in India. It had 802 sales outlets in 555 cities and 2740 service workshops in 1335 cities as on 31st mar, 2010. The service network of the company includes dealer workshops; Maruti authorized service stations, Maruti Service Masters and Maruti Service Zones. Beside selling and servicing vehicles the company provides its customers with one stop shop experience such as automobile finance, automobile insurance, Maruti genuine parts and accessories, extended warranty and Maruti certified pre-owned cars. The company had 341 pre-owned car outlets in 198 cities as on 31st mar 2010. The company has its corporate office in Delhi. The company has two manufacturing plants, one in Gurgaon and the other in Manesar. The company has 2740 total service network, 802 total sales network, 16 Regional offices, 18 Area offices and 4 Zonal offices. EXPORT: MSIL exported the first lot of 500 cars to Hungary in September 1987.presently we are exporting to 98 countries in Europe, Asia, Latin America, Africa and Oceania. The A-star launched in 2008-09, received overwhelming response from overseas market. In 2009-10, the company clocked export sales of 147575 units, its highest ever. This is a 111 % growth over the previous year¶s total of 70023 units .Europe has accounted for over 77% of the sales .on a cumulative basis, our exports crossed 700000 units. Summary Social Performance: The Company works closely with local communities around its manufacturing facilities to improve their quality of life. The Company has adopted four villages surrounding its Manesar plant - Kasan, Dhana, Alihar and Baas Kusla and launched sustainable livelihood programmes for under privileged communities. The initiatives are focused on four key areas: Health, Education, and Employment Generation through Vocational Trainings & Basic Infrastructure Development. The Company has been playing a leading role for many years now in promoting road safety and safe driving in the Country. The Company manages two Institutes of Driving Training & Research (IDTR) in Delhi and Maruti Driving Schools across the country. Through these facilities, the Company has brought international standards in driving training and state-of- the-art training infrastructure in the country. The Company has also involved its dealers across the Country in promoting road safety and safe driving. In collaboration with them, the Company has set up 34 Maruti Driving Schools in 32 different locations across the Country. These schools are equipped with world class, state-of-the-art driving simulators and offer beginners as well as refresher training programmes. Over 35,000 people have been trained so far. Economic Performance: The Company is sensitive towards attainment of long term sustainability of the business , enhancing the wealth of the shareholders and interest of the stakeholders. The investment decisions taken by the management are taken keeping into consideration the far fetching benefit to the organization and its stockholders. The company believes in meeting its fund requirement through its internal accruals. The company persists on searching for in-house cost reduction methodologies. It encourages its employees to find cost reduction possibilities. In 2009-10 employees implemented 128,893 suggestions resulting in an annual saving of Rs 2,028 million. Company developed dies for body parts of various models like Ritz, Eeco and Estillo internally which helped the company save on cost by 20-50% by substituting imported dies. The company uses appropriate hedging instruments to safeguard its exchanges. The company ensures that all its assets are safeguarded and protected against losses from unauthorized use by adequate system of internal control. It focuses that all the transactions are authorized, recorded and reported correctly. The executive risk Management committee reviews the risk management on regular basis. Quarterly Financial Highlights Rs Million Particulars Q3FY09 Q4FY09 Q1FY09 Q2FY10 Q3FY10 Sales 46258.10 64329.00 64930.00 72026.10 75028.50 Expenditures 46258.10 64329.00 64930.00 72026.10 75028.50 Operating 4744.70 5547.40 10097.00 10261.50 12251.60 Profit Net Profit 2135.70 2431.30 3685.30 3349.50 4571.60 OPM% 10.26 8.62 15.55 14.25 16.33 NPM% 4.62 3.78 5.68 4.65 6.09 EPS 7.39 8.42 20.20 19.73 23.80 CEPS 13.54 15.24 26.98 26.76 30.82 Consolidated Financial Matrix Rs. Million Particulars FY06 FY07 FY08 FY09 FY10E FY11E FY12E Net sales 121430.70 147216.90 180208.30 211722.00 288707.50 328253.79 393904.55 Growth% 21.24 22.41 17.49 36.40 13.70 20.00 Expenditure 105745.90 128571.90 159084.90 193047.40 248682.47 282823.46 338167.05 EBITDA 15684.80 18645.00 21123.40 18674.60 40025.03 45430.32 55737.49 Growth% 18.87 13.29 -11.59 114.33 13.50 22.69 EBITDA 17.33 17.88 17.83 11.68 15.64 15.75 15.95 margin Other 5360.50 7677.10 11005.60 6046.40 5128.13 6258.47 7078.68 income Depreciation 2891.10 2755.10 5727.20 7164.90 8092.59 9776.02 11618.73 EBIT 18154.20 23567.00 26401.80 17556.10 37060.57 41912.77 51197.44 EBIT margin 14.95 16.01 14.65 8.29 12.84 12.77 13.00 Interest 223.30 404.10 625.10 545.00 374.50 480.23 590.56 PBT 17930.90 23162.90 25776.70 17011.10 36686.07 41432.54 50606.88 Tax 5739.70 7155.90 7788.70 4736.60 11739.54 13258.41 17114.36 Adjusted 12191.20 16007.00 17988.00 12274.50 24946.53 28174.13 33492.52 PAT Growth% 31.30 12.38 -31.76 103.24 12.94 18.88 Net Profit 10.04 10.87 9.98 5.80 8.64 8.58 8.50 margins Equity 1444.80 1444.60 1444.60 1444.60 1444.60 1444.60 1444.60 Capital Reserves 54285.30 68620.20 84826.40 94208.00 116659.87 142016.59 172159.86 &Surplus Net Worth 55730.10 70064.80 86271.00 95652.60 118104.47 143461.19 173604.46 EquityShares 288.96 288.92 288.92 288.92 288.92 288.92 288.92 EPS 42.19 55.40 62.26 42.48 86.34 97.52 115.92 CEPS 52.20 64.94 82.08 67.28 114.35 131.35 156.14 Environmental Performance: The Company has been promoting 3R since its inception.
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