Motherson Sumi (MSS) reported a subdued Q4FY19 consolidated revenue grew 11% YoY, EBITDA margins dipped 250bps to 7.2%, while adj. PAT dropped 23% to Rs 4.1bn. Despite a difficult demand situation globally, MSS remains confident of achieving its five-year vision (ending FY20), supported by a current order book of EUR 18.2bn. We, however, cut FY20/FY21 EPS by 13%/15% to factor in slower ramp-up of SMP plants. Rolling valuations...