Techno Funda Picks – Auto Ancillary – Changing Gears To Structural Recovery: ICICI Direct

ICICI Direct Report: In this report, we have focused on the auto ancillary pack, where most quality stocks have undergone significant price/time correction and yet many of them are available at favourable risk-reward profile.

Our technical model, studying three major bear markets (classic empirical evidences) of 1992, 2000, 2008 has produced interesting revelations.

Shares of good companies post significant (minimum 50%) correction from their all-time highs, generate significant returns for investors in subsequent bull market cycle.

We have selected companies that fit into this criteria and offer a favourable risk reward setup.

Motherson Sumi Q4 Review – Healthy Profitability Sustains, Electric Vehicle Order Book Exciting: ICICI Direct

Motherson Sumi Systems Ltd. reported a healthy operational performance in Q4 FY21.

The key highlight was sustained profitability at its overseas operations: Samvardhana Motherson Reflectec (Ebitda margins at 12.9%) and Samvardhana Motherson Peguform (Ebitda margins at 8.7%).

Consolidated revenues (including domestic wiring harness) in Q4 FY21 were at Rs 18,482 crore, up 22% YoY.

Ebitda on a consolidated basis were at Rs 1,959 crore with Ebitda margins at 10.6%, down 20 basis points QoQ.

Consolidated profit after tax for Q4 FY21 was at Rs 714 crore versus Rs 183 crore in Q4 FY20.

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