Motherson Sumi - All Round Q3 Performance: Prabhudas Lilladher
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Prabhudas Lilladher Report
Motherson Sumi Systems Ltd. Q3 FY21 results were better with sharp beat at Ebitda/profit before tax by 14%/42%. led by sustained improvement in Samvardhana Motherson Peguform’s greenfield plants and continued cost reduction in all global business.
Ebitda grew 61% YoY to Rs 17.9 billion (our estimate Rs 15.7 billion) with 14 quarter high margins at 10.5% (up 310 basis points YoY, our estimate 9.6%).
Execution of a strong order book and limited capex at Samvardhana Motherson Automotive Systems Group BV as well as India business augurs well for the company.
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