Co’s Global Lighting Business, which focuses on the design, manufacture and supply of exterior lighting for passenger vehicles, is the sixth-largest tier-1 automotive exterior lighting manufacturer globally and one of the top three independent exterior lighting players (by market share in 2016). Globally, the exterior lighting market for passenger vehicles has grown at a CAGR of 4.5% between 2011 and 2016 in terms of revenue, outpacing the CAGR of 3.8% in the overall market for passenger vehicles for the same period. In India Business, company is the second largest Indian auto component group (by consolidated revenue for FY2017 ) and a leading tier-1 manufacturer and supplier to Indian two-wheeler and three-wheeler OEMs (by consolidated revenue for FY2017).
Valuation and Outlook
The co is bringing the issue at p/e multiple of approx. 29 on FY18 eps at price band of Rs 965-967/share. Co has strong competitive position in attractive growing markets has long-standing customer relationship with low cost, strategically located manufacturing and design footprint. Also, company has consistent track record of growth and operational and financial efficiency. Hence, looking after all above, we recommend “Subscribe” on issue.
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