Result update MARUTI: Q3 NP 1020 cr against market estimate of 1388-1395cr. 

A. All brokerage houses have sharply downgraded TP of Maruti.

B. Maruti has highest ever car inventory at factory level.

C. Big hit at margin level which will not improve in Q4. Rather due to year end pressure, co may  offer higher discounts in Q4. We are afraid that NP of Q4 may be lower than Q3. And NP for Q4 March14 was 1284 crores. Maruti may report NP of 950-975 crores for Q4 as metal prices also not so benign. Thus if Maruti Q4 deteriorates yoy basis, worse for Maruti share price yet to come