Maruti Suzuki and ICICI Bank, two leading companies in India’s automotive and banking sectors, have announced their fourth-quarter results, showcasing significant growth and strong financial performance. Let’s take a closer look at the quarterly results, along with brokerages’ ratings and target share prices for both firms.
Maruti Suzuki: Record-Breaking Quarter
India’s largest carmaker, Maruti Suzuki, reported its highest quarterly net profit for the quarter ending in March 2024. The company announced a consolidated net profit of Rs 3,877.8 crore, marking a remarkable increase of 47.8% compared to Rs 2,623.6 crore in the same period last year. This growth demonstrates the company’s strong market position and efficient operational strategies.
After the announcement of Maruti Suzuki’s fourth-quarter results, several brokerages provided their ratings and target share prices for the company:
- JP Morgan: Neutral rating with a target price of Rs 12,200.
- Morgan Stanley: Overweight rating with a target price of Rs 14,505.
- Jefferies: Buy rating with a share price target of Rs 14,750.
- Nomura: Neutral rating with a share price target of Rs 12,522.
- CITI: Buy rating with a target price of Rs 15,100.
- Goldman Sachs: Neutral rating with a share price target of Rs 12,000.
These ratings and target prices reflect a positive outlook on Maruti Suzuki’s future performance, with most brokerages predicting growth potential and stability.
ICICI Bank: Consistent Growth
ICICI Bank, a major private sector lender, reported a strong performance in its March 2024 quarter. The bank’s consolidated net profit grew by 18.5% to Rs 11,672 crore, compared to Rs 9,853 crore in the previous year. On a standalone basis, ICICI Bank’s profit after tax increased by 17.4% to Rs 10,708 crore for the reporting quarter.
Brokerages also shared their ratings and target share prices for ICICI Bank:
- CLSA: Buy rating with a target price of Rs 1,350.
- Morgan Stanley: Overweight rating with a target price of Rs 1,400.
- Jefferies: Buy rating with a share price target of Rs 1,350.
- Nomura: Buy rating with a share price target of Rs 1,335.
- CITI: Buy rating with a target price of Rs 1,350.
- Goldman Sachs: Neutral rating with a share price target of Rs 1,186.
Overall, these ratings indicate that ICICI Bank is expected to continue its upward trajectory, driven by its robust financial performance and growth prospects.