Motherson Sumi Posts Two-Fold Jump in Q2 Net

Motherson Sumi Posts Two-Fold Jump in Q2 Net
New Delhi: Motherson Sumi Systems Ltd (MSSL) on Friday reported an over two-fold increase in consolidated net profit at Rs 286.89 crore for the September quarter, aided by robust sales across segments and various geographies.

The company had registered a net profit of Rs 104.44 crore for the corresponding period a year ago.

Net sales of the company rose to Rs 9,037.32 crore during the period under review as against Rs 7,922.10 crore in the year-ago period, MSSL said in a statement.

"These second quarter results are among our best ever. Our revenues grew by 14 per cent. Our continued strong performance is the result of our unrelenting focus on creating value for our customers across all markets and segments in which we support them," MSSL chairman Vivek Chaand Sehgal said.

The results confirm the company is firmly on track to achieve its ambitious 2020 target, he added.

The company also announced strong new order bookings from its customers around the world. Its global subsidiary, SMRP BV, has received orders worth around 3.87 billion euros in the period from April to September 2015.

These orders are excluding the order worth 2.2 billion euros received from Daimler, the company said.

"Execution of these orders on a full scale brings MSSL closer to achieving its revenue target in 2020," it added.

Shares in MSSL, on Friday, ended 9.6 per cent higher at Rs 265.75 apiece on the BSE, whose benchmark Sensex index finished down 0.15 per cent.
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