MSUMI · Automobile and Auto Components
Motherson Sumi Wiring India Ltd. reported revenue of ₹2,300 cr for October to December 2024, +8.7% on the year and −1.1% on the quarter.
Operating profit (EBITDA) was ₹238 cr, a margin of 10.3%, −204 bps on the year and −40 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 10.3% to 13.0%). Operating costs grew +11.3%, faster than revenue at +8.7%, so operating profit grew less than sales.
Net profit was ₹140 cr, −16.7% on the year and −7.9% on the quarter, with earnings per share of ₹0.21. Profit before other income, one-offs and tax fell 15.6%, so the profit growth came from the business itself. The tax rate of 24% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹0.95 over the last four quarters, the stock at ₹35.47 trades at 37.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 10.3%, −204 bps on the year (−40 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,115 cr | ₹2,233 cr | ₹2,185 cr | ₹2,326 cr | ₹2,300 cr | ₹2,510 cr | ₹2,494 cr | ₹2,762 cr | ₹2,887 cr | ₹3,335 cr | ₹3,407 cr | ₹4,054 cr |
| YoY | — | — | +18% | +10% | +9% | +12% | +14% | +19% | +26% | +33% | +37% | +47% |
| EBITDA margin | 12.4% | 13.0% | 10.9% | 10.7% | 10.3% | 10.8% | 9.8% | 10.1% | 9.1% | 8.2% | 7.6% | 9.2% |
| Other income, % of PBT | 0% | 2% | 3% | 2% | 1% | 1% | 1% | 0% | 1% | 0% | 3% | 0% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 24% | 25% | 25% | 24% | 25% | 25% | 25% | 25% | 21% | 26% | 25% |
| Net profit | ₹168 cr | ₹191 cr | ₹149 cr | ₹152 cr | ₹140 cr | ₹165 cr | ₹143 cr | ₹165 cr | ₹149 cr | ₹167 cr | ₹145 cr | ₹223 cr |
| YoY | — | — | +21% | −3% | −17% | −14% | −4% | +9% | +6% | +1% | +1% | +35% |
| Core profit YoY | — | — | +27% | −5% | −16% | −11% | −2% | +11% | +8% | −3% | +1% | +35% |
| EPS | ₹0.25 | ₹0.29 | ₹0.22 | ₹0.23 | ₹0.21 | ₹0.25 | ₹0.22 | ₹0.25 | ₹0.23 | ₹0.25 | ₹0.22 | ₹0.34 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Motherson Sumi Wiring India Ltd. reported revenue of ₹2,300 cr (+8.7% on the year) and net profit of ₹140 cr (−16.7% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −15.6% on the year, against −16.7% for reported profit.
None of the 7 checks that could run raised a question.
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