Motilal Oswal's research report on Motherson Sumi
MSS’ 4QFY21 performance was a beat led by strong performance in India and SMP, as well as lower tax. MSS would continue to benefit from a cyclical recovery in its key businesses as well as from a strong order book and improving efficiencies in SMRPBV. We upgrade our FY22E/FY23E EPS by 16%/20%, factoring in a strong recovery in SMP, India, and PKC, as well as a lower tax rate.
Outlook
We maintain our Buy rating with a TP of ~INR300 per share (Mar’23E SoTP).
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