Motherson Sumi's Q3 net profit rises to Rs 561 crore

In the same quarter a year ago, the company had posted a consolidated net profit of Rs 547.32 crore, it said in a BSE filing.

Published: 14th February 2018 02:05 AM  |   Last Updated: 14th February 2018 05:34 AM   |  A+A-

Employees of Motherson Sumi Systems Ltd, work on a car wiring assembly line inside a factory in Noida. (File | Reuters)

By Express News Service

CHENNAI: Auto components major Motherson Sumi Systems on Tuesday posted a consolidated net profit of Rs 561.71 crore in the third quarter ended December 2017. In the same quarter a year ago, the company had posted a consolidated net profit of Rs 547.32 crore, it said in a BSE filing.

The company also reported increase in consolidated total revenue from operations at Rs 14,397.85 crore compared to Rs 10,784.19 crore.

However, the figures are not comparable due to the acquisition of Finland’s wiring harness major PKC Group Plc in March last year.

“The momentum towards growth continues in our third quarter. Customer confidence remains high and with new plants being commissioned or underway, the outlook remains positive,” said MSSL Chairman Vivek Chaand Sehgal.

MSSL said nine plants were at various stages of completion with work on three new plants started during the third quarter, while four plants started operations.

The three new plants are being set up as part of the company’s annual capex of around Rs 2,000 crore.
The company said during the quarter there was consistent revenue growth across all business segments.

New plants on the cards
The company has nine plants at various stages of completion with work on three new plants started.  Three new plants are being set up as part of the company’s annual capex of around H2,000 crore

 

 

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