Motherson Sumi Wiring's net profit jumps 38% YoY in Q4FY24 to Rs 191 crore

Motherson Sumi Wiring, a leading supplier of auto components, reported a net profit of Rs 191 crore in Q4 FY24, a 38% jump over Rs 138 crore clocked in Q4FY23. The operating revenues stood at Rs 2,233 crore during Q4FY24, translating into 19% jump as against Rs 1872 crore in Q4FY23, the company informed in a regulatory filing.

On a fiscal basis, the company reported a net profit of Rs 638 crore during FY24 as against Rs 487 crore in the precious year, translating into 31% YoY jump. The revenues during FY24 jumped to Rs 8328 crore from Rs 7068 crore in FY23, witnessing an 18% YoY spike.

Motherson Sumi Wiring Management stated in an investor presentation that their growth happened amidst the company's strengthening presence across India, with 26 existing and two upcoming facilities to support demand from customers.

Vivek Chaand Sehgal, Chairman, Motherson Sumi Wiring India Ltd., said, " This robust performance demonstrates our resilience, agility, and strategic focus on delivering value to our customers. It also reflects our teams' hard work and efforts towards supporting our customers. We are well-positioned to leverage our strengths and capitalise on new opportunities in the evolving market landscape. Through our relentless focus on the development of human resources, new products, localisation and enhancing manufacturing excellence through digitisation, we continue to enhance our product offerings and competitiveness and drive long-term value creation for our stakeholders".

Motherson Sumi Wiring, which is a JV between Samvardhana Motherson International and Sumitomo Wiring Systems, is a full-system solutions of provider wiring harness and other components to OEMs across the country.