Q1 FY2017's consolidated revenues stood at Rs 10,352 crore, while net profit was Rs 303 crore.
10 Aug 2016 | 5967 Views | By Autocar Professional Bureau
Motherson Sumi Systems (MSSL) reported its highest ever quarterly revenue, posting consolidated revenues of Rs 10,352 crore for the quarter ended June 30, 2016 (Q1 FY2017).
The current revenue is 13% more compared to Rs 8,915 crore reported in the same quarter last fiscal. Moreover, the auto component manufacturer ...
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Motherson Sumi Systems (MSSL) reported its highest ever quarterly revenue, posting consolidated revenues of Rs 10,352 crore for the quarter ended June 30, 2016 (Q1 FY2017).
The current revenue is 13% more compared to Rs 8,915 crore reported in the same quarter last fiscal. Moreover, the auto component manufacturer reported a consolidated net profit of Rs 303 crore for Q1 FY2017 as against Rs 267 crore in the same quarter previous year, up 13% year-on-year (YoY). The growth was fueled by strong performance across the major product divisions and geographies.
Commenting on the quarterly performance, Vivek Chaand Sehgal, chairman, Motherson Sumi said: “The revenues for first quarter of Fiscal 2016-17 have been our best ever. We have double-digit growth on both revenues and profits. It reflects the tremendous momentum we have in our organic growth, propelling us towards our 2020 targets.”
Meanwhile, the company’s standalone revenues grew by 18% to Rs 1,396 crore and EBITDA grew by 17%. In the quarter ended June 2015, Rs 36 crore was added income on account of sale in the shareholding in JVs with WOCO.
New plants underpin further organic revenue growth
MSSL has 14 plants at different stages of completion out of which four are the news plants added since the previous announcement made during the results for Dec 2015 quarter. Seven plants which have been commissioned are now ramping up for new programs of the customers.
“The new plant commissions are well underway and our teams are working really hard to implement the work methodologies and work culture similar to our best units into the new and upcoming units. We have been strengthened by very positive responses from our customers about the performance of our new units, right from the start of production,” said Sehgal.