Motherson Sumi Wiring India Faces Profit Decline Amid Expansion Efforts

Motherson Sumi Wiring India Ltd reports a 16.6% fall in net profit for Q3 2024 due to increased expenses linked with opening new plants. Despite this, revenue grew to Rs 2,300.28 crore. Chairman Vivek Chaand Sehgal notes investments in EV and ICE programs, maintaining a debt-free status.

Motherson Sumi Wiring India Ltd experienced a 16.6% drop in net profit for the third quarter ending December 31, 2024. The company's profit decreased to Rs 139.98 crore, attributed to a rise in expenses.

The previous year's profit for the same quarter was Rs 167.86 crore. However, revenue rose to Rs 2,300.28 crore during this period, up from Rs 2,114.53 crore, as per the company's regulatory filing.

Chairman Vivek Chaand Sehgal highlighted that the costs incurred were linked to establishing new greenfield plants to support forthcoming EV and ICE programs. Despite these investments, the company remains profitable and debt-free, discussing cost-sharing with customers on expansion expenses.