Motherson Sumi Systems Limited - MOTHERSUMI consolidated revenues grew 15.5% YoY to | 10,450 crore below our expectations of | 10,492 crore. Its domestic business grew 18.2% YoY to | 1,396 crore while constant currency revenue growth of its European subsidiaries SMR & SMP was at 7% YoY & 13% YoY to €374 million, €736 million, respectively • On a consolidated basis, EBITDA margins contracted 152 bps QoQ & 5 bps YoY to 8.9%. Standalone margins declined 185 bps QoQ to 18.8% while margins of SMR & SMP contracted 340 bps & 40 bps QoQ to 12.5% & 6.9%, respectively. We believe margin contraction was mainly after the company’s new/upcoming plant resulted into higher start-up cost. Reported PAT increased 65% YoY to | 439 crore.ICICI Securities Limited value MOTHERSUMI on an SOTP basis with a target price of | 325 (earlier | 260) & maintain HOLD rating on the stock.