Motherson Sumi Wiring India falls on June quarter earnings slide

Motherson Sumi Wiring India

28/07/2023 09:47

** Shares of Motherson Sumi Wiring India  MSWI.NS  reversed
intraday gains of 2.16% to fall as much as 2.41% to 58.70 rupees
    ** Slide after the company operating in the wiring harness
segment reports fall in June quarter profit to 1.23 bln rupees
from 1.3 bln rupees year-on-year
    ** Revenue rises 11.25% to 18.59 bln rupees from 16.71 bln
rupees Y/Y
    ** However costs rose 13.55% Y/Y and offset revenue growth,
weighing on earnings before interest, tax, depreciation and
amortisation (EBITDA)
    ** EBITDA falls to 1.94 bln rupees from 2 bln rupees; EBITDA
margin contracts to 10.44% from 12.14% Y/Y
    ** Of the 10 analysts tracking MSWI, five maintain "strong
buy", three sugges "buy" and two recommend "sell"; median TP is
64 rupees - Refinitiv data
    ** Stock up 1% in 2023 so far including today's moves
compared to 8.19% rise in Nifty 50 index  .NSEI 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))