MRF Q2 Review - Below Estimate; Higher Raw Material, Other Cost Impact Margins: Motilal Oswal
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Motilal Oswal Report
MRF Ltd.'s Q2 FY22 performance was impacted by raw material cost inflation and higher other cost.
MRF lagged peers in revenue growth due to weaker performance of Truck and Bus Bias and farm segment.
The industry is taking gradual price increases to dilute impact of severe cost inflation.
We cut our FY22E/FY23E earnings per share by ~29%/14% to factor in for raw material cost inflation and higher other expenses.
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