In Monday’s intra-day trade, shares of Maruti Suzuki India climbed 3% to hit a fresh 52-week high of Rs 9,737.40 due to the auto-maker that conveyed strong September quarter results. The stock has coursed 8% in the bygone two trading days.

The automobile stock traded near its record high level of Rs 10,000. In the earlier week, it gathered 11% compared to a 1.2% rise in the S&P BSE Sensex. Maruti Suzuki India’s combined net profit jumped 334% YoY to Rs 2,112 crore in Q2FY23, obsessed by chip supply issues resolution, peak unit sales, and fortunate foreign exchange rates. The profit performance was also motivated by higher operating margins and other income. EBITDA margins were up 204 bps QoQ to 9.3% in Q2FY23.

The company’s unit sales soared 36.32% YoY to 517,395 units in Q2FY23, while exports were 63,195 units. The sales revenue flew 48% to Rs 28,545 crore YoY. The awaiting customer orders were around 412,000 vehicles at the Q2 end, of which 130,000 pre-bookings were for newly launched models. Thus, analysts at ICICI Securities recollect their ‘buy’ rating tracking industry tailwinds of underpenetrated PV segment locally, benign RM price outlook.

“The vigorous demand in SUV space relieved by model refreshes, bookings for complex end models, and the sequential uptick in ASPs. New product unveiling pipeline and robust order surfeit of more than 4 lakh units, of which is approximately130,000 vehicle pre-bookings are for newly launched models.