Buy Motherson Sumi Systems; target of Rs 263: Hem Securities

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Hem Securities report on Motherson Sumi Systems

Motherson Sumi Systems Ltd Q1FY22 consolidated revenues came in at ₹16,157 Cr, up 93.5% YoY and down 4.8% QoQ. Operating Profit for Q1FY22 stood at ₹1,220 Cr, up 321% YoY and down 29% QoQ. Operating margins for Q1FY22 came at 7.55% as compared to 10.15% in Q4FY21 and -6.6% in Q1FY21. PAT for Q1FY22 stood at ₹290 Cr, down 59.38% QoQ and PAT for Q1FY21 was -₹810 Cr.

Outlook

We initiate a “BUY” rating on the stock and value the stock at 20x FY23E earnings to arrive at the target of ₹263.

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