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Motilal Oswal Report
Motherson Sumi Wiring India Ltd.'s performance in Q1 FY23 was driven by strong revenue growth, though higher raw material costs led to a decline in margin.
Motherson Sumi Wiring is further geared to serve its electric vehicle customers with a new line setup in Chennai (in addition to Pune) for high-voltage wire harnesses.
We largely maintain our FY23 earnings per share estimate, but raise our FY24 EPS estimate to factor in higher revenue growth, led by a strong recovery in passenger vehicles, particularly for Motherson Sumi Systems Ltd.
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