Motherson Sumi - Good All-Round Q3 Performance; Recovery In SMP Sustains: Motilal Oswal
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Motilal Oswal Report
Motherson Sumi Systems Ltd.’s Q3 FY21 performance was a beat, led by all round strong performances across businesses.
The recovery in Samvardhana Motherson Peguform sustained with the best-ever Ebitda margin at 9.5%.
The company is well-positioned to benefit from a demand recovery as well as efficiency improvement at its greenfield plants.
We upgrade our FY22E earnings per share by 7%, factoring in a stronger recovery in Samvardhana Motherson Automotive Systems Group BV, India, and PKC Group.
The company is our preferred bet to play the global recovery in auto.
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