Motherson Sumi Systems reports Q3 FY19' profit of Rs 389 crore, up 7%
Highlights of the quarter for the company includes starting commercial operations of its largest plant at Tuscaloosa, USA.
Homegrown component major, Motherson Sumi Systems reported its Q3 FY2019 results, which saw the company reporting its highest ever quarterly revenue of Rs 16,234 crore, up 14 percent. The EBITDA was 13 percent at Rs 1,415 crore and PAT at Rs 389 crore, up 7 percent.
Highlights of the quarter for the company includes starting commercial operations of its largest plant at Tuscaloosa, USA; construction of four plants (3 in India & 1 in Thailand) is almost completed with trial runs in progress. This the company says will see its major capex on the new greenfield projects getting over.
Commenting on the results, V C Sehgal, chairman, MSSL said “All of our operating businesses have performed well under current market conditions. With the start of production at Tuscaloosa in this quarter, all the key greenfield projects are now completed. We wish all the very best to our team, as they continue to handle the ramp-up challenges in the biggest greenfield plants setup by us. We are proud of our teams and their hard work for successfully setting up 33 new plants in last 4 years to create capacities for the orders given to us by the customers.”
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