Motilal Oswal's research report on Motherson Wiring
MSUMI’s overall 3QFY24 result was in line with our estimates. Revenue growth outperformed the underlying industry growth, mainly led by content increase due to premiumization. MSUMI’s focus on localization of components and the ramp-up of new plants should drive future growth.
Outlook
We slightly tweak our estimates to factor in better revenue growth due to the ramp-up of new facilities and better mix. Reiterate our BUY rating with a TP of INR75 (35x Dec’25E EPS).
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