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Systematix Research Report
Motherson Sumi Wiring India Ltd.'s Q2 FY23 operating performance was below our estimate and consensus owing to gross margin contraction (new program start-up costs) and higher than forecasted demand leading to cost overruns (Rs 300 million one-off expenses).
Motherson Wiring has delivered a 31% YoY / 10% QoQ revenue growth, as production volumes recovered sharply. The company has during the year announced-
a new greenfield facility in Chennai, which would also manufacture high-voltage wiring harnesses for electric vehicles (passenger vehicles, buses and two-wheelers),
brownfield expansion in Bengaluru, to supply for new launches (trial run commenced in H1 FY23).
Over the last 12 years, while the auto industry posted a 3%/7% compound annual growth rate in volume/value, Motherson Wiring registered a 14% CAGR in revenue, highlighting marked growth in content per vehicle (driven by premiumisation).
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