Firstcall Research report on Motherson Sumi Systems
"Motherson Sumi Systems reports the best ever performance for a quarter in terms of revenue, EBITDA, PBT and PAT. Total revenue up by 21 percent, PBT is up by 85 percent and PAT is up by 143 percent. Samvardhana Motherson Reflectec (SMR) reports record operating performance. Net Sales for the quarter was to Rs. 79886.70 mn from Rs. 66625.90 mn, when compared with the prior year period. Net profit jumps to Rs. 2496.00 mn against Rs. 1030.20 mn in the corresponding quarter ending of previous year, an increase of 142.28 percent. Reported earnings per share of the company stood at Rs. 2.83 a share during the quarter, registering at 61.54 percent increase over previous year period. EBITDA is Rs. 7980.50 million as against Rs. 4503.20 million in the corresponding period of the previous year."
"The company has delivered its best ever results in revenues as well as operating margins for a quarter. This is exceptional performance both in domestic and overseas businesses in current market conditions. SMR and SMP continue to grow and deliver improved results. The company continues to get additional orders and expand its operations globally in line with requirements of its customers. Over FY2012-15E, we expect the company to post a CAGR of 33 percent and 78 percent in its top-line and bottom-line respectively. Hence, we recommend 'BUY' for 'Motherson Sumi Systems Ltd' with a target price of Rs 262 for medium to long term investment," says Firstcall Research Report.
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