Commodity price increases
CFO noted that commodity prices are dynamic and could reverse, impacting margins. Non-ferrous metals have already seen some increase.
MARUTI / Q1-FY25 / risks
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Maruti · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Yen appreciation impacting forex tailwind
CFO acknowledged that yen has started appreciating, which could moderate the forex benefit seen in Q1.
Muted domestic demand and high discounts
Discounts rose 50% QoQ to ₹21,700 per vehicle due to heat wave and elections. Demand recovery depends on festive season.
CAFE-3 norms compliance uncertainty
Stringent CAFE-3 norms from April 2027 may require significant EV/ hybrid mix. Super credits and penalties are still under policy consideration.