Motherson Sumi Q1 net dips 42% to Rs 361 crore from Rs 618 crore y-o-y

Auto component major Motherson Sumi Systems Ltd (MSSL) on Monday said its consolidated net profit declined 41.67 per cent to Rs 360.64 crore for the quarter ended June 30, 2019.

The company had reported a profit of Rs 618.35 crore during the same period of previous fiscal.

Total revenue from operations rose to Rs 16,792.53 crore for April-June 2019 as compared with Rs 14,775.46 crore in the year-ago period, MSSL said in a regulatory filing.

The company's profitability was impacted by adverse ramp-up costs at Samvardhana Motherson Peguform (SMP) greenfield projects and tough market conditions, it added.

"The greenfield plants of SMP are showing slow continuous improvement and we expect the trend to continue provided there is no further global slowdown," MSSL Chairman Vivek Chaand Sehgal said.

The company continues to focus on managing cash flows and debt, and in improving operational efficiency, he added.