Motilal Oswal's research report on Motherson Wiring
Its performance in 1QFY23 was driven by strong revenue growth, though higher RM costs led to a decline in margin. The company is further geared to serve its EV customers with a new line setup in Chennai (in addition to Pune) for high-voltage wire harnesses. We largely maintain our FY23 EPS estimate, but raise our FY24 EPS estimate to factor in higher revenue growth, led by a strong recovery in PVs, particularly for MSIL.
We maintain our Buy rating with a TP of INR95 (35x Sep’24E EPS).
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