Samvardhana Motherson Reports 69.3% Surge in Q1 Profit

Auto components leader Samvardhana Motherson International Ltd reported a 69.3% rise in consolidated net profit for Q1 2024, amounting to Rs 1,097.18 crore. This boost came from strong revenue growth, reaching Rs 28,867.96 crore. Chairman Vivek Chaand Sehgal highlighted successful acquisitions and ongoing investments.

Auto components major Samvardhana Motherson International Ltd on Tuesday reported a 69.3 per cent jump in consolidated net profit at Rs 1,097.18 crore for the first quarter ended June 30, 2024, driven by robust revenue growth.

The company had posted a profit of Rs 648.12 crore in the same quarter last fiscal, regulatory filings disclosed.

Total revenue from operations during the quarter stood at Rs 28,867.96 crore, an increase from Rs 22,462.18 crore during the year-ago period. Total expenses in the first quarter were also higher, at Rs 27,601.7 crore compared to Rs 21,629.09 crore a year earlier.

Chairman Vivek Chaand Sehgal stated, "The company has delivered robust quarterly performance despite flat industry volumes." He added that all announced acquisitions have been successfully integrated and are beginning to contribute positively, with their full potential set to be realized in the coming months.

The company continues to invest both in auto and non-auto businesses. Sehgal confirmed that two facilities have commenced production while 17 greenfield projects across emerging markets are at different stages of completion.