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Motherson Sumi Q3 net up 21% at Rs 307 cr

Auto component maker Motherson Sumi Systems (MSSL) today reported a 20.90 per cent increase in consolidated net profit at Rs 307.35 crore in the first quarter ended December 31.

The company had posted a consolidated net profit of Rs 254.21 crore in the same period in the last financial year.

Consolidated net sales during the period under review stood at Rs 9,676.36 crore as against Rs 8,949.81 crore in the year-ago period, up 8.11 per cent.

During the quarter, the automotive segment clocked revenue of Rs 9,546.38 crore as against Rs 8,837.7 crore in the year-ago period. The same for non-automotive business was at Rs 299.83 crore as compared to Rs 308.2 crore in the same quarter in the previous financial year.

MSSL Chairman Vivek Chaand Sehgal said: "These third quarter results reflect our efforts to further strengthen our foundations. We continuously look for ways to improve the performance of each unit around the world. That way, we strengthen our support to customers from the bottom up and adapt to the evolving requirements of the market."

Sharing an update on the setting up of new plants, he said, of the 17 plants commissioned around the world across major product verticals, seven have been completed.

"The new plant commissions are all close to the facilities of our customers, increasing our ability to support them where ever they need us. We are making improvements in the design, construction and layout of each of them, to increase the efficiency and effectiveness of our production systems for the coming years," Sehgal added.

MSSL's shares were trading at Rs 244.45 in the afternoon trade, down 9.95 per cent from the previous close on BSE.