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Stocks to Buy: After Q2 results, brokerage house Motilal Oswal has given a buy rating on the stock. ICICI Securities has advised to 'add' this stock to your portfolio.
Stocks to Buy: After the results, there is a buying opportunity on the stock of auto component and equipment manufacturing company Motherson Sumi Wiring India. The company's results for the July-September 2023 quarter are good. Net profit has increased by 34 percent and sales have increased by 15 percent (YoY). After Q2 results, brokerage house Motilal Oswal has given a buy rating on the stock. ICICI Securities has advised to 'add' this stock to your portfolio.
Motherson Sumi: Rs 70 target
Motilal Oswal has advised to buy on Motherson Sumi Wiring India in the second quarter. Also, the target price per share has been kept at Rs 70. On October 31, 2023, the share price closed at 59.95. In this way, a return of about 17 percent can be obtained from the current price. Share returns have been flat in the last one year.
The brokerage says that a gradual recovery in operating performance is expected from the second half (2HFY24). Performance will get support due to increase in production and opening of new plants. The stock is at rich valuations. The company's focus is on EV and other mega trends in auto. The stock is trading at 42.9x/33.6x FY24E/25E EPS. Buy is recommended with a target of Rs 70 (~35x Dec’25E EPS).
ICICI Securities has advised to add Motherson Sumi Wiring with a target of Rs 63. The brokerage says that revenue growth has been strong. Margins are improving.
Motherson Sumi: How were the Q2 results?
Motherson Sumi (MSWIL) reported 34 per cent jump in net profit to Rs 156 crore during the second quarter (July-September 2023). The company's profit in the same period a year ago was Rs 116.6 crore. Net sales of the company increased by 15 percent to Rs 2092 crore. Which was Rs 1824 crore in the same quarter last year. The company's EBITDA jumped 33 percent (YoY) to Rs 253 crore.
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