Samvardhana Motherson International Ltd. share price target

Motherson Sumis (MSS) Q1 results were in line. Standalone revenue growth (+21% YoY) was driven by rising content per vehicle. In EUR terms, SMR# revenue growth was slightly below est (+7% YoY), while SMP^/PKC growth was strong (+16%/+15% YoY).

Motherson Sumi Systems Ltd Q1FY18 results comment Revenue rose by 16.82% to Rs. 12966.82 Cr in Q1FY18 when compared to the previous quarter.

ICICI Securities Ltd | Retail Equity Research Motherson Sumi's (MSL) consolidated revenues came in at | 13,129 crore (up 25.6% YoY), above our estimate of | 12,918 crore. The result is not comparable on a like-to-like basis, as it includes the performance of newly acquired PKC group, which reported revenue 254 million (~| 1,803 crore). Net sales from the standalone business (domestic) were up 21% YoY to | 1,721 crore. Revenue growth of its subsidiaries, SMR and SMP (in constant currency terms) came in at...

primarily due to lower margin in SMP (5.3%, down 100bp yoy) on account of startup costs. Consolidated revenues are expected to grow at 23% (CAGR) over FY17-19E, led by robust growth in standalone operations, healthy orderbook in SMP/SMR and PKC acquisition. EBITDA margin is likely to improve by 110bp over FY17-19E, led by higher margins in overseas businesses (SMP, SMR, PKC). We recommend BUY with TP of...

MSS has relatively lower exposure to the US markets. Its 2020 plan focuses more on plugging this gap. SMRPBV^ investments in new US plants, acquisition of PKC (leading wiring harness supplier for US CVs) and Stoneridge's wiring harness business in the US are steps in this direction

Motherson Sumi's (MSS) results were better than estimates. Standalone revenue growth at 19% YoY was driven by rising content per vehicle and commodity price pass-through. In EUR terms, SMR#revenue growth was slightly below est (+7% YoY), while SMP^beat est (+22% YoY).

Revenue rose by 5.58% to Rs. 11099.99 Cr in Q4FY17 when compared to the previous quarter.

ICICI Securities Ltd | Retail Equity Research Motherson Sumi's (MSL) consolidated revenues came in at | 11,284 crore (up 14.5% YoY) vs. our estimate of | 12,217 crore. Revenue from the standalone business was up 18.9% YoY to | 1,738 crore while revenue growth of its subsidiaries, SMR & SMP (in constant currency terms) grew 15% YoY & 21% YoY to 420 million (mn) (vs. estimate 431 mn) & 810 mn (vs. estimate of 736 mn), respectively EBITDA margins expanded 89 bps YoY & 66 bps QoQ to 11% vs. our...

Established in 1975, Motherson Sumi Systems Limited (MSSL), a JV between Samvardhana Motherson Group (36.9% stake) and Sumitomo Wiring Systems, Japan (25.6%), is India's biggest supplier of wiring harness and one of the largest manufacturers of rear view mirrors in the world. With a strong workforce of over 60,000 qualified professionals and 140 manufacturing units spread across 25 countries, MSSL caters to major global OEMs such as Volkswagen group, BMW, Daimler, Renault Nissan, Ford, Volvo, Maruti Suzuki, Tata Motors, Honda, Toyota etc. In terms of revenue mix as of FY16, of its standalone revenue, wiring harness accounts for...

Mother Sumi Systems Ltd (MSSL) is one of the largest manufacturers of wiring harness, rear view mirrors and polymer body parts. MSSL has been able to effectively buck the adverse impact of declining.