In-line operating performance

Company
11 Mar 2024
5 Min read 
  • Motherson Wiring's 3QFY24 results were in line with estimates, with revenue growth outperforming the industry.
  •  The company's focus on localization and new plant ramp-up is expected to drive future growth.
  •  Estimates have been slightly adjusted to account for better revenue growth and mix.
  •  Reiterate BUY rating with a target price of INR75.
  •  Strong demand for feature-rich models and stable demand from various segments.
  •  Focus on localization of components and expansion of capacity to meet future demand.
  •  MSUMI deserves rich valuations due to its competitive positioning and capital efficiency.
  •  Valuations: P/E of 44.9x/34.7x FY24E/25E EPS, TP of INR75.
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