Motherson Sumi Systems Ltd's Q3FY19 consolidated net profit rises 6.7% yoy to Rs389cr: Misses Estimates

The company’s consolidated revenue in the period stood at Rs16,472.98cr, up 145% yoy and 9% qoq.

Feb 11, 2019 01:02 IST India Infoline Research Team

Motherson Sumi Systems Ltd Q3FY19

Consolidated Results Q3FY19: (in Rs cr)

Q3FY19 YoY (%)
Revenue 16,472.98 14.5
EBITDA 1,393.40 18.5
EBITDA Margin (%) 8.5 29
Net Profit (reported) 389.06 6.7
***EBITDA margin change is bps

Auto ancillary maker Motherson Sumi Systems Ltd (MSSL) reported a marginally lower-than-expected set of numbers in Q3FY19. Consolidated revenue was up 14.5% yoy (9% qoq) at Rs16,472.98cr, against the expectations of Rs17,074cr. EBITDA stood at Rs1,393.4cr, up 18.5% yoy (15% qoq), while EBITDA margin expanded 29bps yoy (44bps qoq) to 8.5%. Consolidated EBITDA was lower than the estimates of Rs1,419cr. Higher depreciation (up 79% yoy, 43% qoq) limited PAT growth to 6.7% yoy (5% qoq). MSSL reported consolidated PAT of Rs389cr against an expectation of Rs430cr.

Other Highlights

  • Within individual segments, standalone revenue was down 4% yoy, while SMR and SMP revenues were up 10% yoy and 20% yoy, respectively. PKC was up 17% yoy.
  • There was pressure at the EBIT level for all entities, except PKC. EBIT margin contracted 168bps yoy, 61bps yoy, and 168bps yoy for standalone, SMR and SMP. PKC saw better performance, with EBIT margin expanding 225bps yoy to 5.7%.

Technical View

Motherson Sumi Systems Ltd share price is currently at Rs134.25, up 0.25 points, or 0.19%, from its previous close of Rs134 on the BSE. The scrip opened at Rs134.40 and has touched a high and low of Rs140.80 and Rs130.45, respectively. So far, 1,35,88,525 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200-DMA.

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