Motherson Sumi Q4 Review - Strong Order Wins In H2 FY21: Prabhudas Lilladher
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Prabhudas Lilladher Report
Motherson Sumi Systems Ltd.'s Q4 FY21 results were operationally in-line as Ebitda grew 24% YoY to Rs 17.2 billion (our estimate Rs 17.7 billion) with margins at 10.1% (up 90 basis point YoY, our estimate 10.7%) led by continued healthy performance in key global businesses.
Samvardhana Motherson Automotive Systems Group BV’s healthy order book at €15.6 billion (with €4.5 billion new orders won in H2 FY21) will drive healthy revenues over FY22-24.
Sound working capital management and controlled capex led consolidated net debt to decline by Rs 48 billion in FY21 (versus Rs 69 billion in FY20).
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