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.