Motherson Sumi Q1 FY2018 revenue up 25% to Rs 12,967 crore

Automotive components major, Motherson Sumi Systems Ltd (MSSL) today announced its quarterly results for the Q1 ended June 2017, recording smart growth.

Revenue for the first quarter of FY2017 stands at Rs 12,967 crore, up 25 percent (Q1 FY2017: 10,352 crore). The share of this revenue growth is almost equal from both its local and export businesses, bringing in 24 percent and 25 percent surge respectively.

The EBIDTA margins also see an uptick with a 28 percent jump to Rs 1,186 crore (Q1 FY2017: 928 crore) and its PBT for the quarter is pegged at Rs 696 crore, up 17 percent from previous year’s 596 crore.

On the other hand, the company has witnessed a 26 percent dip in its PAT to 347 crore (Q1 FY2016: 439 crore), on account of exceptional costs, including premium on early redemption of Bond issuance, amortisation of intangible assets created out of its recent acquisition of Finland’s PKC and a higher start-up cost at its German subsidiary, SMP, all of which brought in a cumulative impact of Rs 219 crore.

Commenting on the developments, after acquiring a significant 93.75 percent shares in the Finnish Tier-I vendor of wiring harnesses to the CV segment earlier in March this year, Vivek Chaand Sehgal, chairman, MSSL said, “We are very pleased with the way the operational integration of PKC into MSSL is progressing and with the responses from customers to our stronger offering. Another successful bond issue at SMRP BV reflects the confidence of the market on MSSL and its subsidiaries. Our new plant build-ups are progressing well. In Hungary and the USA, SMP is nearing the scheduled customer launch dates with two large facilities. This will further strengthen our ability to meet the requirements of our customers in these regions.”