Motherson Sumi Q3 results announced

Component manufacturer Motherson Sumi Systems has announced its unaudited results for the quarter ended December 31, 2011. It has posted a net profit of Rs 548.60 million for the quarter ended December 31 compared to Rs 776.10 million for the quarter ended December 31, 2010. Total income grew from Rs 7826.40 million Q3 2010 to Rs 8634.50 million for Q3 2011.

The company, through its subsidiary, Samvardhana Motherson Polymers Limited (SMPL) and Samvardhana Motherson Global Holdings Limited (SMGHL), completed the acquisition of 90 percent stake in Peguform GmbH and Peguform Iberica, SL including subsidies and joint ventures together with 50 percent stake In Wethje Entwicklungs, GmbH and Wethje Carbon Composite, GmbH (together referred to as SMP Group) on November 23, 2011. The Company and Samvardhana Motherson Finance Limited (SMFL) hold directly or indirectly 51% and 49% respectively in SMPL and SMGHL under joint venture agreements.

During the quarter, consolidated operating performance improved with better performance from Motherson Sumi Systems Limited (MSSL) standalone and Samvardhana Motherson Reflectec (SMR) performance, including utilisation of new facility at Hungary. The company says, domestic business continues to grow, in spite of tough market conditions. SMR reported a 36 percent growth in sales compared to the same quarter in 2010 and 21 percent growth compared to the previous quarter.