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Motilal Oswal Report
Samvardhana Motherson International Ltd. reported a strong 65.5% YoY growth in earnings (in line with estimates) despite muted automotive production growth in Q1.
It reported an 18% annualized return on capital employed in Q1 and management expects the same would continue to improve in FY25, aided by synergy benefits of acquisitions.
Our positive view on Samvardhana Motherson remains intact based on the ramp up of new businesses in non-auto, execution of a strong order book for Samvardhana Motherson Automotive Systems Group BV, and capacities in place for growth.
We reiterate our Buy rating on the stock with a revised target price of Rs 218 (25 times June-26E earnings per share).
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