Buy Samvardhana Motherson Sumi Ltd for the Target Rs. 123 by Motilal Oswal Financial Services Ltd

* Execution of healthy order book, integration benefits from recent acquisitions and currency translation gains should help offset demand weakness in end markets. Expect 2Q revenue growth of 7% YoY.
* On the back of higher input costs and weak demand, we expect margins to decline 100bp YoY to 7.8%.
* As a result, we expect earnings to decline 15% YoY.
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