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Motherson Sumi Q1 profit up 57 pc to Rs 482 cr

The company had reported a net profit of Rs 307 crore during the same period of the previous fiscal.


PTI Last Updated at 07 Aug 2018, 14:08 IST India
Motherson Sumi Q1 profit up 57 pc to Rs 482 cr

Auto component major Motherson Sumi Systems today posted 57 percent increase in its consolidated net profit at Rs 482 crore for the first quarter ended June 30.

The company had reported a net profit of Rs 307 crore during the same period of the previous fiscal.

Revenue of the company grew by 24 percent to Rs 16,106 crore during the quarter, as compared to Rs 12,967 crore in the April-June period of the previous fiscal, the company said in a regulatory filing.

"The stupendous efforts being put in by the teams in all the divisions have resulted in another set of excellent consolidated results," Motherson Sumi Systems Ltd (MSSL) Chairman Vivek Chaand Sehgal said.

The company's largest plant in Tuscaloosa (USA) was inaugurated on April 26, 2018, he added.

"With this, a large part of organic growth CapEx is completed," Sehgal said adding that the company has also completed the acquisition of Reydel Automotive on August 2, 2018.

"This acquisition brings more opportunities to us and we will continue to explore new areas in which we can bring value to our customers," Sehgal added.

Motherson Sumi said six plants of the company are at different stages of completion across the globe.

Shares of the company were trading 1.40 percent down at Rs 310 apiece on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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