Vivek Chand Sehgal, Chairman, Motherson Sumi Group says there is no reason to be unduly concerned about the rupee versus the euro scenario considering that most of Motherson Sumi's manufacturing takes place in EU. At the most, there can be a minor translation loss, but that's about it
A recent Bank of America Merrill Lynch report unleashed concerns on auto ancillary company Motherson Sumi when it saw increased downside risks to the company's FY15/16 forecast on the back of a sharp fall in stock prices of its peers across the US and Europe. It also pointed to a stronger rupee versus the euro leading to translation loss in the company's EU subsidiaries.
But Vivek Chand Sehgal, Chairman, Motherson Sumi Group, rubbished the concerns, adding that there is no reason to be unduly concerned about the rupee versus the euro scenario considering that most of Motherson Sumi's manufacturing takes place in EU. At the most, there can be a minor translation loss, but that's about it, he adds.
Chand says he is seeing strong traction on automotive numbers and across Europe, the only weak point has perhaps been Russia. He says in western Europe, numbers are up 3 percent year-on-year and up until August, it was up 5.8 percent, beating the US market which saw 5 percent growth.
Motherson Sumi is targeting grow at 40 percent this fiscal year.
Motherson Sumi stock price
On October 10, 2014, at 14:10 hrs Motherson Sumi Systems was quoting at Rs 372.75, down Rs 11.5, or 2.99 percent. The 52-week high of the share was Rs 448.00 and the 52-week low was Rs 161.60.
The company's trailing 12-month (TTM) EPS was at Rs 6.40 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 58.24. The latest book value of the company is Rs 21.61 per share. At current value, the price-to-book value of the company is 17.25.
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