SAMIL Q1 PAT grows over 4-fold at Rs 601 crore 

Revenue from operations, during the reporting quarter, jumped 27% to Rs 22,462 crore as against Rs 17,654.49 crore in the corresponding quarter of the previous year. The revenues reported in the fourth quarter were the highest for the company.

Autocar Pro News Desk By Autocar Pro News Desk calendar 10 Aug 2023 Views icon6861 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
SAMIL Q1 PAT grows over 4-fold at Rs 601 crore 

Auto component major Samvardhana Motherson's consolidated net profit soared by a massive 326% for the quarter ended June. Profit for the April-June quarter stood at Rs 601 crore, compared with Rs 141 crore in the same period last year.

Revenue from operations during the reporting quarter jumped 27% to Rs 22,462 crore as against Rs 17,654.49 crore in the corresponding quarter of the previous year. The revenues reported in the fourth quarter were the highest for the company.

According to Vivek Chaand Sehgal, Chairman, Motherson, the automotive industry is stabilising with new cost structures, and Motherson continues to adapt to the evolving landscape.

“We have delivered another quarter of strong performance. We are working in close collaboration with our customers, and to better serve them in these challenging times, we have closed 7 acquisitions with their support. We aim to provide innovative solutions, to streamline and solve operational issues. These acquisitions will further increase our value added content and will provide new growth opportunities for Motherson. We are grateful to our customers for their trust and support," he added.

During the quarter under review, while the company's EBTIDA stood at Rs 1,940 crore, EBTIDA margin also expanded by 8.4% driven by operating efficiency, softening in material and energy prices, and continued customer support. As per the company, revenue from electric vehicles has increased over Rs 1,600 crore in Q1FY24. In the last financial year, EV revenue stood at about Rs 4,900 crore.  

 

RELATED ARTICLES
DOMO Chemicals to showcase high-performance polyamide solutions at Plastivision 2023

auther Autocar Pro News Desk calendar06 Dec 2023

DOMO is presenting its latest products for e-mobility with enhanced fire and electrical protection for power management ...

Gadkari says government still deliberating battery-swapping policy guidelines

auther Autocar Pro News Desk calendar06 Dec 2023

"NITI Aayog continues to hold stakeholder discussions with a diverse range of stakeholders, including battery swapping o...

Himadri Speciality Chemical expects 4x of capex to Rs 20,000 crore topline from lithium-ion business

auther Autocar Pro News Desk calendar06 Dec 2023

The first phase of the plan is to have a 40,000 MTPA at an estimated cost of Rs 1,125 crore and to be operational in abo...