Motilal Oswal's research report on Motherson Wiring
3QFY23 performance was in-line as miss on revenues due to chip shortages was off-set by better-than-estimated margin evolution. While the new plants are expected to achieve optimum utilization by 1QFY24, strong demand is expected to drive strong revenue/PAT growth from FY24 onwards. We reiterate our FY23E/FY24E EPS estimates.
Outlook
We reiterate our Buy rating with a TP of ~INR73 (~35x Dec-24 EPS).
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