Auto ancillary maker, Motherson Sumi Systems Limited (MSSL) reported weak set of numbers in Q2FY19. Consolidated revenue was up 13% yoy (2% qoq) at Rs15,105cr, ahead of expectation of Rs14,197cr. EBITDA stood at Rs1,300cr, up 6% yoy (down 2% qoq) as lower raw material expenses (as % of sales) were offset by higher operating, manufacturing and employee expenses. EBITDA margin contracted 55bps yoy (39bps qoq) to 8.6%. EBITDA and EBITDA margin missed expectation of Rs1,386cr and 9.8% respectively. Interest expenses and tax rate were significantly higher during the quarter resulting in PAT decline of 15% yoy (16% qoq) to Rs371cr. Consolidated PAT missed estimate of Rs487cr.
MSSL’s recent (August 2018) acquisition of Reydel Automotive Management B.V. (Reydel) was consolidated for the first time during Q2FY19.
Debt on consolidated books of the company jumped 49% w.r.t. March 31, 2018 to Rs14,127cr. D/E ratio moved up from 0.96x to 1.33x.
Motherson Sumi Systems Ltd is currently trading at Rs. 165.35, down by 0.85 points or 0.51% from its previous closing of Rs. 166.20 on the BSE.
The scrip opened at Rs. 167.70 and has touched a high and low of Rs. 173.70 and Rs. 163.25 respectively. So far 1,04,05,719 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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